Transwestern Real Estate Services (TRS) announces that it brokered the $20.5 million sale of 8530-8550 S. Priest Drive in Tempe, Arizona, a property consisting of two office buildings totaling 188,960 square feet and 12.64 acres of vacant land. Transwestern’s Paul Borgesen, Dylan Sproul, and Royden Hudnall represented buyer Widewaters, and Bill Bayless of CBRE represented the seller, Target Corporation.
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The Transwestern team, joined by William Zurek and Jim Achen Jr., has been retained by Widewaters to market the property for either sale or lease. In addition, Transwestern will provide comprehensive asset services for the two-building portfolio, known as Target Financial Center.
“The property at S. Priest Drive is an excellent opportunity for Widewaters and fits squarely into our investment strategy of acquiring high-quality assets with strong value-add potential and developable land in highly sought after markets such as Tempe,” said Edward Shagen, Vice President of Development, Widewaters. “We appreciate the Transwestern team’s ability to close on the transaction quickly, and look forward to continue working with the firm on this top-notch portfolio.”
Built in 2003 and renovated in 2019, 8530-8550 S. Priest Drive features two two-story buildings, each consisting of 94,480 square feet of space. The 25-acre lot also has a two-level parking garage and almost 13 acres of land. With direct access to Interstate 10 and Loop 202, the property is well positioned for use as either a corporate campus or for multi-tenant environment. Nearby amenities include restaurants, retail, hotels, and entertainment.
“This turnkey office building offers a fully furnished, move-in ready environment designed for immediate productivity,” said Sproul. “Positioned within the heart of the Emerald Center business park, it presents an opportunity for a forward-thinking user to establish their presence and bring renewed vitality to the Emerald Center master plan.”
The transaction marks the third significant investment transaction for Transwestern in the Phoenix/Tempe area in 2025. In June, TRS represented ElmTree Funds, LLC in the sale of 2155 East GoDaddy Way in Tempe, Arizona, to Avnet, Inc. The 150,000-square-foot Class A office building will serve as Avnet’s new global headquarters. In April, Transwestern Investment Group and RX Health & Science Trust (RXHST) acquired Copper Point, a 93,262-square-foot medical outpatient facility located at 3530 South Val Vista Drive in Gilbert, Arizona, for approximately $36 million.
According to Transwestern research, as of the close of the second quarter of 2025, the Tempe market had 12.8 million square feet of office space with 13.6% direct available vacancy. This marks the third straight quarter of improved office vacancy in Tempe, the lowest quarterly vacancy rate since Q2 2023.
