- For sale
Investment opportunity to acquire the fully leased Kyrene Corporate Center at 9280 S. Kyrene Road in Tempe, Arizona.
The building is an approximately 31,962-square-foot single story structure erected on ±114,127 square feet of land (±2.62 acres). Sale price is $5.75 million ($179.88 PSF).
Property features a modern architectural design, appealing in looks, detail and function to many professional tenants. Kyrene Corporate Center offers a generous 5.0/1000 per square foot parking ratio, with adequate covered canopied spaces.
Currently at 100 percent occupancy with a stable rent roll of local, regional, and national credit tenants, the asset, we believe, will achieve upside potential as rents roll at higher market rents.
Existing rents in the South Tempe-Ahwatukee submarket are averaging $21 to $24 per square foot, whereas the rents at Kyrene Corporate Center are predominantly between $19.50 to $21.00 per square foot per year on a full service gross basis.
Existing property management is excellent, keeping controllable operating expenses lower.
The property is located on a major artery in Tempe, boasting high traffic counts due to its proximity to two major exits from I-10 (Ray Road and Warner Road. Access to I-10 is within three-quarters of a mile, where the Emerald Center is located. A vast array of amenities can be found here—retail, restaurant, auto dealerships and business centers make it truly a destination point in the East Valley.