VIZZDA--February 14th, 2014 – In two separate purchases, nearly 300K
SF of flex office sold in the “Agave Center” located at I-10 and Warner Road in Tempe. The purchases are as follows:
1711, 1721, 1725, 1729 W. Greentree Dr, & 8945 S. Harl
Ave
Westport Capital sold 220,000 SF (218,999 SF per Assessor)
to Laguna Beach-based Dornin Investment Group for $29,593,000 or $134 per square foot.
The purchase was funded with $22.5M debt loaned by Cantor Commercial Real
Estate. Westport previously purchased the subject buildings, built in 1999,
plus 4.64 acres of adjoining land on August 13th, 2012 for $23.3M. VIZZDA covered this
purchase here.
The land portion was later sold on August 15th, 2013 for $1,284,622. Westport had
$15,770,000 in financing from Bank of America.
8950 S. 52nd St
Mr. Greg Horne of IPRO Tech sold 76,528 RSF (81,130 gross
SF) to Houston-based Griffin Partners for $9.8M or $128 per square foot. No debt was
recorded with the sale. The property was acquired per a December 31st, 2013 purchase
agreement. The 4-story office built in 2000 was previously purchased by a
Horne-affiliated entity on March 7th, 2006 for $10M.
Much of the un-developed land within the 45 acre Agave
Center is held by Suburban Land Reserve Inc, an affiliate of the Church of Christ of Latter Day Saints – though
some new properties are being are actively being developed, including:
Warner & Harl
8,400 sf multi-tenant retail with
drive-thru on 1.17 acres. 2,300 sf, 4,300 sf, 1,800 sf (Starbucks)
Tilted Kilt Headquarters
21,010 SF 2-story office,
inclusive of 8,798 sf restaurant space on 3.02 acres
Drury Inn & Suites
180 room 7-story hotel on 2.96 acres
totaling 104,203 SF
Carl’s Jr
2,715 sf single tenant retail with drive-thru on
0.86 acres.
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