Cushman & Wakefield brokers sale of Tempe office asset for $11M
Compiled by Matt Loeschman
TEMPE — Cushman & Wakefield announced this week the firm has brokered the sale of a 56,240-square-foot flex office property in Tempe.
Located at 8123 South Hardy Dr, the single-story building will soon be fully vacant following the departure of its single tenant. The Southeast Valley property is located in the city of Tempe, which houses many of the largest corporate users in the metro Phoenix area, and sold for $11 million.
The seller was 7172 South Airport Road, LLC and the buyer was RSE Capital Partners, LLC. Cushman & Wakefield’s Eric Wichterman, Mike Coover, Brad Anderson and Mike Strittmatter brokered the transaction.
“The building’s large floor plate, 29-foot clear height, expansive 7:1,000 parking ratio and excellent freeway accessibility create a prime opportunity whether it be for use as a flex office building or a conversion to industrial,” said Wichterman, vice chairman.
The property is located within a few blocks of Interstate 10 and in close proximity to the Sky Harbor International Airport. There are also an abundance of retail, shopping, dining, and entertainment amenities within walking distance of the property, including the Tempe Sports Complex and Arizona Cardinals practice facility across the street.
Arizona State University and downtown Tempe are also a short drive away.