Panattoni Development Company bought a 462,000 office complex in Tempa and has plans to convert it into a two-building industrial project.
Newmark arranged the $37.5 million sale of the former State Farm regional headquarters campus located at the southwest corner of Priest Drive and Alameda Drive in Tempe, Arizona. Newmark’s Barry Gabel, Chris Marchildon, CJ Osbrink, Gary Cornish and Nico Burgarello, in collaboration with Erin McClure, represented the seller, JDM Partners.
Newmark’s Gabel believes there is more to come: “Our team is tracking over seven million square feet of office across the Valley that is expected to be redeveloped or converted, including this property.”
The redevelopment plan preserves the 858-space parking garage at the Southwest corner of the site,. The site sits adjacent to the Broadway Industrial Park and is within minutes of Arizona State University’s main campus.
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