Cushman & Wakefield, a global leader in commercial real estate services, announced today Wells Fargo Bank has sold an office building in the center of Tempe, AZ, for $6.25 million. The bank has secured a short-term lease to continue occupancy of the 75,000-square-foot building.
Senior Directors Don T. Rodie and Jim Crews of Cushman & Wakefield negotiated the sale and lease on behalf of Wells Fargo. Tivon Moffitt of Colliers International represented an affiliate of Phoenix-based Evergreen Devco in its purchase of the property.
The property, located at 711 W. Broadway Rd., includes 8.68 acres and the 75,000-square-foot office building that is fully occupied by Wells Fargo.
“Wells Fargo has signed a short-term lease to continue use of the property, but the new owner has plans to redevelop the property as part of its long-term hold strategy,” said Mr. Rodie. “At this point, Evergreen Devco has not determined what specifically will be developed on the site.”