Tempe Office Fetches $17M

PHOENIX—ViaWest Group has sold 96,691 square feet of office space within the commercial complex, Crossroads of Tempe. Phoenix-based ViaWest Group acquired the nearly vacant office-retail property in 2011 for $4 million and sold the retail portion shortly after for $1.3 million. Four years later, after investing in the two remaining vacant, shell condition office buildings, ViaWest Group (in a joint venture with Southwest Value Partners) has sold the project for $17.25 million.

The buyer was Los Angeles-based Held Properties, Inc., represented by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona Inc. and Mark Gustin, Karsten Petersen and Dave Seeger of Jones Lang LaSalle in Phoenix. Located at 303 & 309 W. Elliot Rd. on the northwest corner of Elliot Road and Kyrene Road in Tempe, the property is now 96% occupied.