TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot.
Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users.
Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building.
Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.