Tempe – All six buildings that comprise the nearly 300,000 sq. ft. of office/flex space within the commerce park, Agave Center, in Tempe changed hands in two separate transactions totaling $39.393 million (average of $132.89 per foot). In what was apparently a pure coincidence, the unrelated buyers and sellers of the adjoining properties closed the cash sales on the exact same day. In the larger of the two transactions, a company formed by Dornin Investment Group in Laguna Beach, Calif. (Chris Dornin, principal) paid $29.593 million ($134.67 per foot) to buy 219,741 sq. ft. of office/flex space in five buildings called Agave Center. The seller was Agave Property Center LLC, formed by Westport Capital Partners LLC in Wilton, Ct. (Russel Bernard, principal). The deal was negotiated by Chris Toci, Chad Littell and Ryan Bartos of Cushman & Wakefield of Arizona Inc. in Phoenix. The office/flex structures, which are about 90 percent leased, were developed in 2000 by Trammell Crow Co. in Scottsdale. The five-building Agave Center has three components: Agave Business Center, 55,221 sq. ft. of office/flex space in a single-story structure at 8945 S. Harl Avenue; Agave Corporate Center, 86,115 sq. ft. in a two-story office building at 1711 W. Greentree Drive, and Agave Executive Center, three, single-story back-office structures totaling 78,405 sq. ft. Those buildings include 40,483 sq. ft. at 1725 W. Greentree Drive, 18,973 sq. ft. at 1721 W. Greentree Drive and 19,017 sq. ft. at 1729 W. Greentree Drive. The purchase of the Agave Center buildings marks the entrance into the Valley real estate market for Dornin Investment Group. Continue reading
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