Jerry Colangelo-led group acquires Tempe marina offices for $928M

(State Farm photo/KTAR)

KTAR

A business partnership that includes Arizona sports icon Jerry Colangelo has bought the Tempe waterfront development Marina Heights for nearly $1 billion.

The sale-leaseback deal — struck late last week — set a price record in the Valley for commercial office property, Business Real Estate Weekly reported.

JDM Partners will pay $928 million for the five-building State Farm campus along Tempe Town Lake. The site is the largest office development in state history, according to project builder Ryan Companies‘s website.

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