Tempe Office Complex Commands $41M
- Feb 14, 2015
Papago Arroyo, a three-building, 279,503-square-foot office complex in Tempe, is under new ownership following a $41 million deal.
The seller, Greenwood & McKenzie of Tustin, Calif., was represented by Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham of CBRE Group Inc. and by Lee & Associates’ Andrew Cheney and Craig Copolla. Bruce Francis and Shaun Moothart of CBRE’s debt and structured finance unit secured a $29.3 million acquisition loan for the undisclosed buyer.
Located at 1255, 1275 and 1295 West Washington St., Papago Arroyo was completed in 1998 and is part of the 350-acre Papago Park Center business park. The buildings are within walking distance of Papago Park Center’s light rail station and minutes from Sky Harbor International Airport. Three major freeways are nearby: Interstate 10, Hohokam Expressway and the Loop 202 Freeway.