Monday, February 17, 2014

±300K SF Agave Center Transacts in Tempe

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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