Widewaters has successfully acquired a $20.5 million portfolio consisting of two office buildings and adjacent vacant land in Tempe, Arizona, with plans for further development and asset services.

Information on the Target

The property located at 8530-8550 S. Priest Drive in Tempe, Arizona, has been sold for $20.5 million. It comprises two office buildings totaling 188,960 square feet, alongside 12.64 acres of vacant land. The buildings were constructed in 2003 and underwent renovations in 2019, ensuring modern amenities and appeal. The site features a two-level parking garage and benefits from excellent visibility and accessibility, being directly adjacent to Interstate 10 and Loop 202.

This strategically positioned property provides ideal conditions for diverse uses, such as a corporate campus or a multi-tenant space. It is nestled within the Emerald Center business park, which includes nearby amenities like restaurants, retail outlets, hotels, and entertainment options, contributing to a robust business environment.

Industry Overview in the Target’s Specific Country

The office sector in the United States is currently experiencing a transformation influenced by changes in work patterns and increased demand for flexible working environments post-pandemic. In cities like Tempe, Arizona, the office mark