Details emerge on Chase $108M Tempe purchase

AZBEX

A search of Maricopa County records show JP Morgan Chase Bank paid $108M to buy multiple back-office buildings on 67 acres within the Discovery Business Campus in Tempe. That 136-acre business park is on the north side of Elliot Road and west of the 101 Loop (Price Freeway).

The seller was Tempe Campus SPV LLC, formed by Wentworth Property Co. in Phoenix and Northwood Investors in NYC.

The buyer in the cash transaction was represented by Kevin Calihan of CBRE in Phoenix. The purchase included 770KSF of back-office and R&D space in four structures located inside the loop road of the Discovery Business Campus: 171KSF at 2100 E. Elliot Road leased for the long term to Ditech Financial LLC; 133KSF at 2104 E. Elliot Road and 166KSF at 2118 E. Elliot Road that is leased to State Farm Insurance for another few months, and 300KSF of office and R&D space at 2018 E. Elliot Road on a short term lease to NXP Semiconductors NV.

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April 7, 2017

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