PHOENIX – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced that Presson Corporation acquired Tempe Commerce Center, a 177,848-square-foot multi-tenant industrial complex for $11,800,000 ($66.35 PSF). The seller was Tempe-based Kieckhefer Properties. Senior Managing Directors Bob Buckley, Steve Lindley and Tracy Cartledge with Cassidy Turley’s Capital Markets Group negotiated the sale transaction.
Tempe Commerce Center is a nine-building project located at located at 6105-6125 S. Ash, 124-148 W. Orion, 125 W. Gemini and 6100-6202 S. Maple in Tempe. Built in 1982, the property has benefited from its outstanding location just east of I-10 with direct access to US-60, and the 101 and 202 Loops. The complex has had overall average occupancy of nearly 92 percent for the past 14 years and has never had occupancy below 84 percent. The property was 86 percent leased at the time of sale.
Senior Managing Director Bob Buckley stated, “Tempe Commerce Center’s strong occupancy history uniquely positioned the complex for long-term growth. Current low lease rates reflect where the market was during the recession, but the potential for increasing income as leases renew and new leases are signed in an improving market were a strong incentive for the new owners.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.