PHOENIX—Dornin Investment Group, a West Coast-based real estate investment firm, recently acquired a 219,741 square-foot, mixed-use commercial property consisting of three buildings located in Tempe. The acquisition was financed through a $22.5 million, 10-year, fixed-rate mortgage loan through CCRE. The purchase price was $30 million. The property includes a combination of Class A office and flex-use buildings located along the I-10 corridor. Located in the East Valley submarket, the property is in close proximity to Arizona State University and leading companies such as Intel, General Motors and Honeywell. Dornin Investment Group has a strong presence in Texas, Nevada and California but its purchase of the Tempe property marks its entry into Arizona.

”We are excited to make Agave Center our first acquisition of many in Arizona. We believe the office market is returning quickly and Agave Center represented an opportunity to acquire a stabilized high-quality, mixed-use commercial property in a great area with near and long term opportunity for appreciation” says Chris Dornin, president of Dornin Investment Group.

Financing was provided by CCRE, a commercial real estate lender, with the assistance of Darrin Stovall of Berkeley Point Capital.