Office sale supported by area’s low 3.03% vacancy rate
Phoenix, Ariz. – The Phoenix office of JLL has completed the sale of One Agave Center, one of the only four-story office buildings situated along the South Tempe/Ahwatukee portion of the I-10 Technology Corridor in metro Phoenix’s Southeast Valley.
JLL Executive Vice President Brian Ackerman represented the property seller, Tryperion Partners and Griffin Partners. Orsett Properties was the buyer.
“This is the only four-story office building in this section of the I-10 Technology Corridor, in a very popular residential market. That demand is reflected in the area’s low Class A vacancy rate for office space located within one-half mile of the freeway,” said Ackerman. “Most of the businesses within One Agave Center are blue chip tenants who have been here for years and take great pride in their longevity and in the future of the area. This creates tremendous stability with existing and new tenants interested in One Agave Center.”
Built in 2000, One Agave Center is located on 4.56 acres at 8950 S. 52nd St. in Tempe, Arizona, just south of Warner Road and East of Interstate 10 in the Southeast Valley submarket. The 77,432 square-foot, Class A office building offers direct freeway frontage and immediate access to I-10. It is also located just 2.5 miles north of the anticipated Loop 202 extension and within one mile of more than 40 dining and retail amenities. There are 7.8 million square feet of retail amenities within three miles of the project.
Part of the I-10 Technology Corridor, One Agave Center currently holds an 87.2 percent occupancy rate, 50 percent of which is from technology and advanced business services companies. Major tenants include Tyler Technologies, Radiall, Qwaltec, 84 Lumber and Berkshire Hathaway Home Services.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit www.jll.com.