Regus-Leased Office Asset Changes Hands in Greater Phoenix
- Aug 29, 2019
The University of Texas at Arlington has acquired Wells Fargo Plaza, a 41,876-square-foot office building in Tempe, Ariz. McAfee Investments sold the Class B asset for $7.9 million. Cushman & Wakefield assisted the seller in the disposition. According to Yardi Matrix data, the property last traded in 2000 for $3.7 million.
Located at 64 E. Broadway Road, Wells Fargo Plaza is 1.3 miles south of downtown Tempe and 9.8 miles southeast of downtown Phoenix. The property is equidistant from Interstate 10, State Road 60 and Loop 101, with several hotels and many shopping and dining options within a two-mile radius.
The two-story building was completed in 1985 on a 3.2-acre site. It includes 5,500 square feet of retail and features a parking ratio of 5 spaces per 1,000 square feet. The property is fully leased to Regus and Wells Fargo Bank, per Yardi Matrix data.
Cushman & Wakefield Executive Managing Director Eric Wichterman, together with Managing Directors Mike Coover and Chris Nord, represented the seller in the deal.
In June, a Cushman & Wakefield team assisted EverWest and CarVal Investors in the disposition of The Circuit, an office property located 3.8 miles northeast of Wells Fargo Plaza. The 185,000-square-foot asset changed hands for $46 million.