Cushman & Wakefield’s Eric Wichterman, Chris Toci and Mike Coover represented the seller, LNR Partners, LLC. CBRE’s leasing advisory team, including Charles Miscio and Luke Walker, assisted in the transaction. The property was acquired by David McHenry.
"This transaction underscores the strategic value of 8700 South Price Road, given its prime location within ASU's Research Park and its potential to attract high technology companies to collaborate with ASU and join other credit tenants and corporate headquarters facilities in the park," said Coover.
8700 South Price Road is a two-story office building that spans 132,070 square feet. The property is situated on 9.6 acres of leased land and is 100% available for new tenancy.
“At the time of the sale the building was garnering strong tenant interest due in part to its 6,000-amp power capacity fed by separate substations providing dual redundancy, massive solar energy system and flexibility to accommodate office, R&D, industrial and manufacturing uses,” added Wichterman.
Located within the ASU Research Park, 8700 South Price Road benefits from immediate access to the Loop 101 freeway, which serves as a gateway to the valley's entire freeway system. The property is surrounded by over 9.4 million square feet of retail amenities within a three-mile radius, including the Chandler Fashion Center. The strategic location offers access to a large and dense labor pool of over 2.59 million people within a 30-minute commute.
"ASU Research Park is experiencing remarkable activity that will completely transform the park over the next few years," said Toci.