Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the successful sale of a ±90,000-square-foot Class B office project at 4415 – 4625 South Wendler Drive in the Tempe/Airport Submarket. California-based investor Greenlaw Partners purchased the property for $3.5 million ($38.88/psf) from REO Asset Manager, John Mitchell, of LNR Partners (Miami Beach, FL)
Executive Managing Directors Eric Wichterman and Jeff Wentworth, Senior Vice President Mike Coover and Vice President Sean Spellman with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.
“The new owners plan to demolish the existing buildings to shell, then construct high-quality common areas and target quality tenants in the marketplace – especially those requiring greater than 6.5 parking spaces per 1000-square-feet of leased space,” said Wichterman. Greenlaw Partners has renamed the asset Tempe 10/60 Corporate Center.
Built in 1985, Corporate Fountains is a ±90,000-square-foot, office complex consisting of two, two-story buildings on 8.9 acres. The project originally consisted of three buildings, but Arizona Department of Transportation (ADOT) condemned a portion of the land. As a result, the center building was demolished and the project can now accommodate parking up to 7.4:1,000 square-feet. The existing tenants were vacated prior to condemnation. The complex is located north of Baseline Road and adjacent to Interstate-10, near the Interstate-10 and US-60 interchange. Corporate Fountains is three miles from Sky Harbor Airport, and in close proximity to shopping, restaurants, resorts and golf.