By Ron Davis | Phoenix Business Journal
Two new office buildings under construction in Tempe, one planned for Carvana Co., will not be occupied by the used car retailer after all.
Instead, those two buildings at 1295 and 1325 W. Rio Salado Pkwy — along with a nearly 50,000-square-foot existing building once occupied by Carvana (NYSE: CYNA) — are now being marketed to new tenants under the campus name “Tempe Vale.” The campus is being developed by Verde Investments, which is owned by Valley businessman Ernest Garcia II, the biggest shareholder of Carvana Co. and the wealthiest person in the state. Verde is also looking to redevelop the Fiesta Mall in Mesa, where it has plans for a large mixed-use development.
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