Warner Crossing attracts buyers while tenants work from home
PHOENIX – Colliers in Arizona represented the sale of Warner Crossing, a two-building office complex located at 8260 and 8312 S. Hardy Drive in Tempe, Arizona. The 138,180-square-foot property attracted buyers while office employees were working from home and was sold to Tempus Realty Partners of Little Rock, Arkansas.
“Warner Crossing represents the ideal opportunity for us to enter the Tempe market” says Dan Andrews, CEO of Tempus Realty Partners. “We are confident that when the current disruption in the market dissipates, high quality assets such as this will quickly return to full occupancy.”
“Selling an office property with one of its three tenants on a short-term lease, and most employees working from home takes persistence and a knowledgeable team” says Mindy Korth, executive vice president with Colliers in Arizona. “Fortunately, this project was very well conceptualized by its original developer, Ryan Companies. Warner Crossing has a long history of full-occupancy, only recently dropping to 69 percent leased status.”
Tempus Realty Partners purchased Warner Crossing from Younan Properties, Inc. of Woodland Hills, California. Korth represented the seller, and the buyer was represented by Isaac Smith, president of Colliers in Arkansas.
Built in 2000, the single-level office buildings offer an institutional-quality image that attracts sophisticated tenants. The three investment-grade tenants represent resilient business sectors such as banking, pharmacy fulfillment and insurance. Highly efficient floor plates make these buildings very versatile for tenants ranging from traditional office to research & development and technology users. Warner Crossing is located in the growing Southeast Valley of Greater Phoenix, which leads the region in attracting research, technology and other knowledge-worker firms through its diverse, well-educated workforce and corporate-friendly business environment.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Colliers in Arizona has served clients locally and globally for more than 40 years.