Colliers International Completes $7.8M Sale of Tempe Office Building to SRP
Colliers International in Greater Phoenix recently served as advisers in the sale of a Tempe Class B office building, 1511 N. Project Drive, to SRP for $7.8 million or $122.97 per square foot.
SRP purchased the 61,807 square-foot-building from Altier Credit Union to expand its administrative space. SRP already occupied approximately 40,000 square feet of the building, located about 300 feet from its headquarters, and leased the land to Altier Credit Union.
Michael Milic, vice president of Colliers International in Greater Phoenix, served in an advisory role as Altier Credit Union’s consultant to the transaction. SRP did not have a broker in the transaction.
Altier Credit Union, one of the Valley’s oldest financial institutions, housed its headquarters in the Tempe building. An Altier Credit Union branch will remain in the building through a 15-year leaseback. Milic is serving as Altier Credit Union’s broker as it purchases a new Tempe headquarters, now in escrow.
Altier Credit Union and SRP have a long history.
Employees of SRP Water Users Association started Altier Credit Union in 1947 as the Water Users Employee Federal Credit Union. The institution changed names through the years to SRP Federal Credit Union in 1955, SRP Credit Union in 1998 and, finally, Altier Credit Union in 2006.