Cushman & Wakefield announced that Wexford Developments purchased Tempe Town Centre, located at 20 E. University Drive in Tempe, Arizona from Scottsdale-based YAM Properties for $5.486 million ($258.60 PSF). Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield negotiated the transaction on behalf of both parties.
Tempe Town Centre is a high-quality, multi-tenant office/retail building totaling 21,214-square-feet. Built in 1989, the three-story building is situated on University Drive, near the high-profile corner of Mill Avenue, and is currently 82% leased. Wexford Developments, a real estate investment, development and management company with offices in Calgary, Alberta and New York City, has been acquiring multiple properties in downtown Tempe
“Tempe Town Centre is a quality mixed-use office/retail building in the heart of downtown Tempe’s construction boom. It is one of the few office assets with University Drive frontage, and less than a three-minute walk from two major high-profile developments currently under construction, including Forum Real Estate’s $100-million, Whole Foods-anchored retail/residential project and Opus Group’s 20-story, 407-unit residential and retail mixed-use project,” said Steve Lindley.
Cushman & Wakefield’s research shows an increasing shortage of office space in downtown Tempe, from the high-profile trophy assets on Tempe Town Lake, to quality Class B properties like Tempe Town Centre. With continued exceptional tenant demand, the result is rapidly increasing market occupancy and lease rates.