The buyer was Agave Center OR, LLC, an entity formed by Dallas-based real estate investment company, CAMCO. The seller was DIG Agave Center, LLC, an entity controlled by Dornin Investment Group. The asset was 95% occupied at the time of sale and traded for $16 million.
Mike Coover, Eric Wichterman, Keith Lambeth and Patrick Schrimsher with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“Agave Corporate Center is a high-quality asset with stable income supported by a well-diversified tenant roster,” said Mike Coover, Managing Director. “The location provides superb access within the coveted Southeast Valley labor pool—nationally known for its dense, and highly-educated population. Furthermore, Tempe is among the most prestigious and sought-after office markets in Metro Phoenix.”
Built in 2000, the Agave Corporate Center is located at 1711 W Greentree Dr. and is situated on a large, more than 6-acre parcel. The location provides immediate access to Interstate 10 and additional access from the new Loop 202 and Superstition Freeway (SR-60), each two miles from the property. A top-tier amenity package consisting of over 8 msf of retail amenities, including two malls, is within a short distance, while affluent, executive residential communities also surround the location.