CBRE sells Tempe workplace property for $132M

CBRE introduced the $132 million sale of two workplace buildings totaling 300,000 sq. ft in Tempe, Ariz. to Strategic Workplace Companions. The sale is the highest-priced and largest workplace transaction 12 months up to now in 2021 throughout the area.

CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the vendor, Boyer Firm. Bryan Taute and Charlie von Arentschildt of CBRE had been the leasing brokers for the property, securing the tenant, Freedom Monetary Community on a long-term foundation.

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The 2 newly constructed buildings, situated at 2114 & 2116 South Freedom Method, are located throughout the 60-acre Rio2100 enterprise park and are totally leased by Freedom Monetary Community. The four-story workplace properties characteristic two parking constructions, the most important workplace constructing industrial kitchen in Arizona, 14’-16′ deck-to-deck ceiling heights and ample frontage and entry to the Loop 101 & Loop 202 Freeways. The buildings are adjoining to a number of different institutional-quality properties throughout the enterprise park, leased by such firms as Morgan Stanley, Siemens, Grubhub, and Benchmark Electronics, amongst others. Additionally throughout the park are two multifamily developments, two motels and a wide range of retail facilities.

“On behalf of The Boyer Firm we want to thank Strategic Workplace Companions for his or her seamless execution and considerate strategy throughout your entire gross sales course of,” mentioned Boyer Firm’s Arizona Associate Adrian Evarkiou.  He added, “We’re very pleased with Rio 2100 and the quite a few firms which have chosen this enterprise park as their workplace location, together with the eating places, retail, two motels and increasing multifamily properties.”

Along with the best-in-class workplace enhancements and long-term tenancy {and professional} enterprise park surroundings, the property is centrally situated throughout the core submarket of Tempe, which boasts the bottom emptiness and highest Class-A rental charges throughout the Phoenix Metro space, in line with CBRE analysis.

“The Tempe space has developed into the go-to vacation spot for brand new workplace investor capital, Class A growth, and new-to-market tenants alike,” mentioned Marchildon.

Added Gabel, “The sale of Rio2100 gives the client with a long-term revenue stream with a powerful tenant in two newly constructed, best-in-class workplace buildings. The dynamic Tempe location, substantial freeway frontage, and favorable property tax are all causes it is a incredible funding for years to come back.”

A current survey of economic actual property buyers ranked Phoenix as a top-10 goal amongst Americas metros. The Solar Belt market jumped 5 spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.

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