Cushman & Wakefield announced the sale of Tempe City Center, a 162,640 square foot office building located at 1400-1470 East Southern Avenue, between Rural Road and McClintock Drive in Tempe. The asset is comprised of an eleven-story office tower, three single-story office buildings, and two single-story retail buildings situated on approximately 10.75 acres.
Tempe CC Hui, LLC purchased the asset from Tempe City Center Limited Partnership for an undisclosed price. Cushman & Wakefield’s Chris Toci and Chad Littell arranged the transaction on behalf of the seller. The members of the acquisition group, who are principally from Hong Kong and Honolulu, were introduced to the asset by Brandon Holdings, Inc., the investment’s sponsor, and IX Advisors LLC, an investment advisory based in Seattle.
“This is the buyer’s first investment in Arizona, in one of the Valley’s most transformational submarkets. There are substantial plans to renovate the project to cater to today’s modern workforce”, said Chris Toci, Executive Managing Director of Cushman & Wakefield. David Austin and Malia Chui, Partners with IX Advisors, commented, “We are thrilled to enter into the Phoenix market with such a strong acquisition. Tempe City Center is the perfect complement to our clients’ investments in other U.S. cities.”
Tempe City Center is over 90 percent leased to a broad range of tenants, including the National Bank of Arizona, Fresensius Medical Care, and regional law firm Carpenter, Hazelwood, Delgado & Bolen.