Papago Arroyo, a three building office complex in Tempe, Arizona that's part of Papago Park Center, traded hands this week as CBRE announced the sale of the property for $40.85 million. Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE's Phoenix office, along with Andrew Cheney and Craig Coppola with Lee & Associates, represented the seller, Greenwood & McKenzie of Tustin, California, in the transaction. The buyer and full terms of the deal were undisclosed.
"Tempe continues to perform at the top of the metropolitan Phoenix office market. Papago Arroyo offers tenants a centralized, highly desirable location with a strong amenity base and access to one of the strongest labor pools in the Valley," said CBRE's Young, lead broker in the investment sale.
"The outstanding central location of the property with its close proximity to Sky Harbor International Airport and the major valley freeways made this a very desirable financing opportunity for a wide variety of lenders and will ensure the property's ability to draw tenants and stay well-occupied into the future," added CBRE Vice Chairman Bruce Francis.
The 279,503 square foot, two-story office buildings at 1255, 1275, and 1295 W. Washington Street were built in 1998. Papago Arroyo was 96% leased at the time of sale with major tenants including Wells Fargo, DHL, Union Bank, State Farm, and First Solar.
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