"They liked it because they could lay out the building to suit their needs," Steve Sayre with Cushman & Wakefield of Arizona Inc. tells GlobeSt.com of buyer JT&T Investments. Sayre said the building's central location and its new construction helped seal the deal on the property.
"There was nothing like this in the whole corridor because of a lack of small parcels for development," Sayre said. "It's really a unique little project."
The firm, which paid $1.8 million to purchase a first-floor suite in the 21,000-sf building from owner and developer, 52nd Street LLC.of Phoenix, will rent it to Enterprise Technology Services LLC under a long-term lease. Terms of that lease were unavailable.
The tenant, an information technology firm, will relocate from about 6,000 sf at Lakeview Business Center, near Interstate 10 and University Drive in Tempe, once renovations are completed, Sayre said. Enterprise Technology Services will use the space to expand its service and support facility to accommodate the growing technology integration and support needs of Arizona's business community. A portion of the space will be used for a company computer lab and seminar and training rooms.
The remaining second floor condominium space is being marketed at $165 per sf, which includes $15 per sf for tenant improvement by Commercial Properties Inc. of Tempe.
Sayre along with Pat Harlan, also with Cushman & Wakefield of Arizona, represented JT&T Investments in the property sale. Darryl Szarka of DKS Brokerage in Scottsdale represented the seller in the negotiations.
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