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Phoenix Investors Close $8.5M Office Buy

TEMPE, AZ-The Southwest Corporate Center's location, fully leased status and assumable financing package make for a relatively quick sale. The 73,374-sf building sits on 3.6 acres near Interstate 10 and Sky Harbor International Airport.

By Beverly Ford | Updated on March 12, 2003

TEMPE, AZ-A fully leased, 73,374-sf office building with a strong rent roll, a good location and an attractive assumable financing package was the right combination for the Southwest Corporate Center.

Within 90 days of going on the market, the 1600 W Broadway Rd. property changed hands in an $8.5-million deal between a Hawaiian seller, 1600 Broadway LLC, and Phoenix buyer, 1500 ICP LLC. “We had four other offers,” Barry Gabel, with the Phoenix office for Dallas-based Trammell Crow Co., tells GlobeSt.com.

It was the locally based buyers’ knowledge of the marketplace and their ability to close the deal that won the title to the property, however, Gabel said. Built in 1984, the three-story building sits on 3.6 acres near Interstate 10 and Sky Harbor International Airport. “It’s a great Tempe office location,” Gabel noted.

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