X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEMPE, AZ-An Iowa-based real estate investment company has taken the reins to 45,000-sf office building in Tempe. The buyer is paying $5 million to Principal Capital Group.

MJA Investments Inc., a Des Moines investment firm, has shelled out more than $111 per sf for Rural Court, located at 4450 S. Rural Rd. The office building is situated near Rural Road’s intersection with Alameda Drive and about a mile north of Superstition Freeway. It also is 1 1/2 miles south of Arizona State University. The Phoenix office of Grubb & Ellis, with brokers Stan Safer and Eric Wichterman, represented both parties in the sale.

Tempe’s office market is riding at 15.1% vacancy, just a shade below the Valley’s average. Tempe has fared better this year than most submarkets, posting a negative absorption of 37,000 sf, according to a recent survey by Grubb & Ellis Co.’s Phoenix team. It is one of five submarkets in the region reflecting negative net office absorption this year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.