A sale of a 26,750-SF office building at University Tech Center,
1860 W. University Dr., sold for $3,798,500 in an off -market transaction.
Price per SF was calculated at $142.05.
Lee & Associates Principals, Bill Blake and Colton Trauter, facilitated the
transaction for the buyer, 1860 W. University Drive, LLC, which is controlled
by iT1 Source who will use the facility as their headquarters. University Tech
Center, LLC was the seller. Financing was arranged by Tom Altieri of MidFirst
iT1 was formed in 2003 with the goal of becoming the leading value-added
reseller in the technology industry by providing best-in-class solutions. The
company chose Tempe for their headquarters as a strategic decision to source
a talented workforce from Arizona State University.
The office center was built in 1987 and is located just west of Arizona State
The location is in a high employment concentration area and is
desirable for its easy access to the SR 143 (Hohokam Exp.), I-10, Loop 202 with
proximity to Phoenix Sky Harbor International Airport.