By BisNow
California-based Panattoni Development Co. bought the former State Farm regional headquarters campus in Tempe for $37.5M, AZ Big Media reported.
The developer gained unanimous approval from the Tempe City Council to redevelop the site into “a state-of-the-art, two-building industrial project” and plans to bring significant electrical infrastructure to the property, according to the report.
The seller was Phoenix-based JDM Partners. Newmark arranged the sale
The 25-acre property is located at Priest and Alameda drives, next to Broadway Industrial Park and near Arizona State University’s main campus. It currently encompasses about 462K SF of office space and two parking garages.
The redevelopment plan reportedly keeps the 858-space parking garages at the southwest corner of the site. The rest of the site will be turned into industrial space.
