JDM Partners Picks Up ~100k SF Office Building in South Tempe

 

VIZZDA — May 7th, 2013 — Jerry Colangelo, David Eaton, and Mel Shultz of JDM Partners have picked up an 102,435 square foot office building in Tempe for $14.32M or $139.80 per square foot. JDM Partners paid iStar Financialthe seller$5.27M in cash and reportedly financed the remainder, though no new debt was located. The two-story office building at 8320 S Hardy Dr, conveyed as Lot 3 of the Warner Crossing subdivision in South Tempe.  

The site is north of the northwestern corner of Hardy Drive & Warner Road. It was built in 1997 on 7.93 acres zoned GI, or General Industrial.TriNet Corporate Realty Trust acquired the building in a larger sale which included an additional 225,797 square feet in three single-story office buildings to the southwest–on June 30th, 1997 for $33.5m or $102.06 per square foot. TriNet was acquired by Starwood Financial in 1999 for $1.5b. Starwood Financial spun off iStar as a free-standing publicly-traded company in 2003.

By:

Daniel Alpers

Director of Planning and Municipal Projects

Vizzda.com

 

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