Arizona investor David McHenry acquired the two-story Tempe office property at 8700 S. Price Road in Tempe for $7.26 million. The 132,000-square-foot building, formerly occupied by Arizona tech giant Avnet Inc., sits within the 2.2 million-square-foot ASU Research Park, a hub for technology and corporate tenants. The land where the property is located is owned by ASU. The lessee pays a $390,000 annual lease payment.
The Phoenix Business Journal reports the structure was sold by LNR Partners, a special servicer, which took control of the building after it went into default after Avnet moved on. The unpaid loan balance at the time of sale was $12.95 million.
McHenry is open to leasing the property to either multiple tenants or a single user.
Cushman and Wakefield’s Eric Wichterman, Chris Toci, and Mike Coover represented the seller of 8700 S. Price Road, while Jack Stein of Patriot Commercial Properties represented the buyer. CBRE’s leasing advisory team of Charles Miscio and Luke Walker assisted with the transaction and has the leasing agreement with the new owner.
The post Former Avnet ASU-Area Office Property Acquired by Phoenix Investor appeared first on Connect CRE.
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