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Tempe office complex sells for $16.8M

Agave Executive Center is completely leased

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A multi-tenant office building in the heart of Tempe has sold to a Utah investor for $16.8 million.

Cushman & Wakefield announced that its firm has brokered the sale of Agave Executive Center, a 78,000-square-foot office complex in Tempe, which was fully leased to six tenants at the time of the sale.  Half of the occupancy stemmed from a single tenant, which is a leader in the autonomous robotic vehicle technology sector. 

The center was sold to White Mountain Investments Management of Utah. The previous owner was DIG Agave Center. 

“The property’s high-quality improvements, full occupancy and diverse tenant mix, coupled with its prime Southeast Valley location made Agave Executive Center was a superb investment opportunity for the buyer,” said Eric Wichterman, Executive Managing Director for Cushman & Wakefield, who represented the seller with Mike Coover. 

Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Knight Frank represented the buyer. 

The complex comprises three office buildings located at 1721, 1725 and 1729 West Greentree Drive in Tempe. Agave was constructed in 2000 and features a modern design, plenty of parking and access from Warner Road, a major thoroughfare. The location also provides easy access to Interstate 10, the new Loop 202 and the Superstition Freeway. It's also in close proximity to several shopping malls and several residential communities. 

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