November 10, 2016
Broe Real Estate Group, headquartered in Denver, sold the Tempe 10/60 Corporate Center in Tempe, AZ, for $14.2 million. Broe sold the two-building, 90,000-square-foot office complex to Paces Lodging of North Dakota, just two-and-a-half years after acquiring it from a special servicer for $3.5 million.
Tempe 10/60 is at 4415 and 4625 S. Wendler Dr. Broe invested $4 million to renovate and reposition the property. The renovation included new roofs and HVAC equipment, a landscape overhaul and new interior common areas. Additionally, Broe demolished a third building on site to increase the parking ratio.
The campus was 76.4% occupied at the time of sale. Cushman & Wakefield represented the seller in the transaction.
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