CBRE has completed the sale of 1515 Corporate Center located at 1515 W. 14th Street in Tempe, Ariz. The ±228,000-square-foot, single-story office building commanded a sale price of $16.5 million. The property was vacant at time of sale.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office negotiated the transaction and partnered with Dave Seeger and Karsten Peterson of JLL, who have the leasing assignment for the property. The brokers worked on behalf of the seller, BF Enterprises of Palm Beach, Florida. The buyer was Phoenix-based Wentworth Property Company.
“1515 Corporate Center provides a rare opportunity to reposition a well-established property. In its lifetime, this building has only been vacant for a total of three months in the last 30 years,” said Gabel. “The property is ideally located in the Valley. It’s central to all major employment bases and has been able to attract Fortune 500 tenants throughout its lifespan, and will continue to do so in the years to come.”
Wentworth Property Company is underway with significant renovations to the property. Renovation highlights include the addition of improved interior environments with increased day lighting via low-E, energy-efficient windows, new environmentally sustainable xeriscape landscaping, new pedestrian walkways between the building and parking garage, and the addition of an elevated entryway canopy at the building entry.
1515 Corporate Center is ideally located in Tempe, one of the healthiest submarkets in the metropolitan Phoenix area, and offers major corporate users ideal access to a strong and deep labor pool. The property is less than two miles to Phoenix Sky Harbor and Arizona State University, and is easily accessible via three major transportation routes: the Loop 202 freeway, Interstate 10 and State Route 143.