PCL Broadway 2101 LLC, headed by Alan Payne, purchased the Broad River Plaza, a 13,500-sf office building at 2101 E. Broadway Road in Tempe, for $1.184 million. The office building is about a mile east of Arizona State University, about a mile and half north of State Highway 60 and less than a quarter mile from the Loop 101.
The sale price equates to approximately $87.70 per sf.
The property was sold by Broad River Investors, which is headed by Del Chase of Newport Beach, CA. The investment group had owned the building for seven years.
Tempe has one of the tightest markets for office space in the Valley. At the start of the year, the vacancy rate for office space in Tempe was 4.9%, compared to 9.9% overall, according to a recent survey by CB Richard Ellis. Land-locked Tempe is running out of available land for additional commercial development.
The Phoenix office of Marcus & Millchap, with brokers Steve Gonzales and Jamie Medress, represented the principals in the transaction.
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