PHOENIX—CBRE negotiated the sale of the leasehold interest in Rimrock at ASU Research Park in Tempe. The two-building, 83,764-square-foot office complex located at 2030 and 2050 East ASU Circle in Tempe, Ariz. commanded a sale price of $18.4 million. The project was 93 percent leased at time of sale.
Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham with CBRE's Phoenix office in conjuncture with Craig Coppola, Andrew Cheney, Bill Blake and Colton Trauter with Lee & Associates brokered the transaction on behalf of the seller, Rimrock Investors II of Phoenix. The buyer was Las Vegas-based W Tempe, LLC.
“Rimrock is an excellent investment opportunity in Tempe and in one of most prominent business parks in the metro area,” said CBRE's Glenn Smigiel. “ASU Research Park benefits from a unique partnership shared with Arizona State University which aids in fostering tenant growth by providing direct access to ground-breaking research, educational opportunities, faculty, and a young, educated technology minded workforce.”
Developed in 2007 by Rimrock Partners, the two building office complex is leased to three tenants, including Iridium Satellite, a global mobile satellite company; KINETX, an engineering, technology, software development and business consulting firm specializing in aerospace systems; and Comsys Information Technology Services, a wholly owned subsidiary of Manpower, Inc. Rimrock sits on 10 acres and is comprised of two class A office buildings totaling 25,457 square feet (2030 Building) and 58,307 square feet (2050 Building) that also include flex and R&D space for the current tenants.
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