Cassidy Turley announced Friday that Presson Corporation acquired Tempe Commerce Center, a 177,848 SF multi-tenant industrial complex for $11.8M ($66.35 PSF). The seller was Tempe-based Kieckhefer Properties. Senior Managing Directors Bob Buckley, Steve Lindley and Tracy Cartledge with Cassidy Turley’s Capital Markets Group negotiated the sale transaction.
Tempe Commerce Center is a nine-building project located at located at 6105-6125 S. Ash, 124-148 W. Orion, 125 W. Gemini and 6100-6202 S. Maple in Tempe. Built in 1982, the property has benefited from its outstanding location just east of I-10 with direct access to US-60, and the 101 and 202 Loops. The complex has had overall average occupancy of nearly 92 percent for the past 14 years and has never had occupancy below 84 percent. The property was 86 percent leased at the time of sale.
Senior Managing Director Bob Buckley stated, “Tempe Commerce Center’s strong occupancy history uniquely positioned the complex for long-term growth. Current low lease rates reflect where the market was during the recession, but the potential for increasing income as leases renew and new leases are signed in an improving market were a strong incentive for the new owners.”