Tempe office complex sold for $11M

The Business Journal of Phoenix - August 7, 2006

The Tempe Executive Center, an 88,569-square-foot Class B office property at 1208, 1243 and 1270 E. Broadway in Tempe has been sold for $11.05 million.

The new owners are Birtcher Anderson Realty LLC, a San Juan Capistrano, Calif.-based commercial real estate investment, advisory and development firm, and joint venture partner Thackeray Partners, an institutional equity fund out of Dallas.

The property was built in 1984 on 6.5 acres and includes three two-story garden office buildings with connecting walkways. The center is 18 percent vacant.

Stan Shafer and Laurel Lewis of Grubb & Ellis in Phoenix represented Birtcher Anderson Realty. The seller, The Walton Family Trust from Phoenix, represented itself.

"The partnership was attracted to Tempe Executive Center because Tempe is a supply-constrained market that continues to experience healthy absorption and because this project's occupancy and rents are significantly lower than the rest of the competitive submarket," said Bob Anderson, chief executive officer at Birtcher Anderson Realty.

Birtcher Arizona operates more than 1.2 million square feet of property in the Valley.

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