TEMPE, AZ-CBRE has closed a $73 million sale of the State Farm Tempe Operations Center, a 372,408-square-foot five-building corporate campus.
Barry Gabel, Mindy Korth and Chris Marchildon of CBRE's Phoenix office represented the seller, State Farm Mutual Automobile Insurance Company headquartered in Bloomington, IL. The buyer was JDM II TOC, LLC of Phoenix. The campus is 100% occupied by State Farm Insurance.
“We received a great deal of interest from both local and national investors looking for an opportunity to acquire a long term lease with a strong credit tenant in one of the most coveted and best-performing markets in the greater Phoenix area and are pleased to have connected with JDM Partners,” said Gabel.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
