November 17, 2024 11:47 am
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Tempe office/flex business park trades for $10.2 million in investment deal

DeMuro Corporate Square/Real Estate Daily News

Real Estate Daily News

TEMPE, AZ –  DeMuro Corporate Square, a 7-building business park totaling 88,837 SF at 1505-1575 W. University Dr., Tempe, has sold to a California investment entity for $10.2 million ($115 PSF). Occupancy was reported to be 92%. The transaction closed on June 30.

Lee & Associates Investment Principals Steve Gonzalez, Marcus Muirhead, and Greg Guglielmino represented the seller, University Corporate Square Associates, Santa Rosa, CA. The buyer was Tempe Creative Campus, LLC, Carlsbad, CA.

Built in 1985, the seven-building business park contains buildings of just over 7,000 SF to 17,000 SF. The business park features I-1 light industrial zoning and 319 parking spaces. The outstanding location is just three miles east of Phoenix Sky Harbor International Airport and several blocks from Downtown Tempe and the main campus of Arizona State University.

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