A joint venture between California-based Birtcher Anderson Realty LLC and Texas-based Thackeray Partners has acquired an 88,569-square-foot office property in Tempe, Ariz.
The value of the transaction was more than $11 million.
The class B property, Tempe Executive Center, is located at 1208, 1232 and 1270 East Broadway.
The Walton Family Trust from Phoenix sold the property, which was built in 1984 and sits on 6.5 acres. Tempe Executive Center includes three two-story office buildings with connecting walkways.
At the time of sale, the center was 82 percent occupied.
“The partnership was attracted to Tempe Executive Center because Tempe is a supply constrained market that continues to experience healthy absorption and because this project’s occupancy and rents are significantly lower than the rest of the competitive submarket,” said Bob Anderson, chief executive officer at Birtcher Anderson Realty. “This submarket is also favored by smaller tenants, which is what this particular property caters to.” Anderson added that the property was purchased at basis well below replacement cost.
Birtcher Anderson Realty, in conjunction with its local, Phoenix-based affiliate, Birtcher Arizona, has purchased more than 600,000 square feet of office, industrial and retail property over the past nine months and anticipates investing approximately $100 million in Phoenix-area properties and land for development over the next 12 months. Birtcher Arizona operates more than 1.2 million square feet of property in the Phoenix region.
