Lacera Sells Phoenix-Area Office Asset

8160 S. Hardy Drive. Image courtesy of Cushman & Wakefield

A 94,916-square-foot industrial/flex office building in Tempe, Ariz., has changed hands. A private investor acquired the asset from Lacera, according to CommercialEdge, for $13.9 million, public records show.

Cushman & Wakefield brokered the transaction on behalf of the seller and provided leasing advisory services. Lee & Associates represented the buyer.

At the time of the sale, the property’s sole tenant, occupying 69 percent of the asset, was a financial services firm. Previously, the building served as headquarters for MicroAge.

Completed in 1997, the single-story property sits on an approximately 10-acre lot, according to the same data provider. It features 18-foot clear heights and a parking ratio of 7.1/1,000 square feet.

The asset is located at 8160 S. Hardy Drive, close to Interstate 10 and 14 miles from downtown Phoenix. Central Tempe is roughly 7 miles away. The property is adjacent to the Tempe Sports Complex and has access to numerous retail and dining options along the nearby West Elliot Road.

Cushman & Wakefield’s Executive Managing Director Chris Toci and Vice Chairman Eric Wichterman, along with Managing Director Mike Coover and Executive Director Steve Lindley, represented the seller in the transaction. Recently, the same team worked with Lacera in the sale of another industrial/flex office portfolio in the area.

In prepared remarks, Wichterman stated that the asset was a great value-add investment opportunity and the buyer had a strong prospective tenant for the remaining vacant space in the building. Lee & Associates Principal Marcus Muirhead worked on behalf of the buyer.