"This sale represents the continuing trend of strong demand for major office properties," Jim Fijan, an executive vice president with CB Richard Ellis Inc., tells GlobeSt.com about the eight-story building at 80 E. Rio Salado Parkway on the shore of Tempe Town Lake. "All the pricing is off the charts and nothing in Tempe has ever sold for this much."
Crow Holdings was one of 15 potential buyers vying for the asset, says Robert Burnand, a vice president with Trammell Crow Co.'s Phoenix office. He, Fijan and CBRE's Jerry Roberts brokered the deal.
The new owner is not known for aggressively competing for Valley projects. "It's a new trend for Crow to focus on Phoenix," Fijan says. "They're looking to spend more money here."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
