Cushman & Wakefield announced today that San Diego-based Douglas Allred Company, in partnership with Phoenix-based DW Capital Partners and New York-based Angelo, Gordon & Co. purchased 1330 W. Southern and 3001 S. Priest in Tempe, Ariz. for $29.3 million.
Mike Beall, Chris Walker, Sean Spellman, Jeff Wentworth and Will Strong of Cushman & Wakefield represented the seller in the transaction, which are entities controlled and managed by Cordia Capital Management from El Segundo, Calif.
Located in the vibrant North Tempe submarket, the project consists of two buildings totaling 250,000 square feet and was 60% leased at the time of sale. 1330 W. Southern is a 150,000-square-foot (SF), three-story office service center with two large 50,000 SF floors that are available for lease. This building will undergo major interior and exterior renovations. 3001 South Priest is an adjacent 100,000 SF office service center that was 100% leased at the time of sale.
“With the coming renovations planned by the new owner, the project will be well positioned to meet the demands of today’s office employers and its located in one of Arizona’s most successful office submarkets,” according to Beall. “The ownership group is simply outstanding and has great track record of implementing similar office repositioning strategies in the Phoenix area.”