TEMPE, AZ – May 10, 2013 – (RealEstateRama) — A company formed by JDM Partners LLC acquired the 104,836 SF TSYS building at 8320 S. Hardy Drive in Tempe, AZ for $14,320,000. Price per square foot was $136.59.
The Seller is an entity of iStar Financial. The building is 100% leased to TSYS Acquiring Solutions LLC. Financing was provided by Bankers Trust and was arranged by James DuMars & Eric Flyckt of NorthMarq Capital.
“The parties involved worked hard to ensure an equitable process that worked to everyone’s advantage,” said Lee & Associates Principal Rick Lee, who represented the seller in the transaction. iStar Financial still controls four buildings containing 276,876 SF within the Warner Crossing Offi ce Park.
Ryan Development Companies originally developed the property in 1997. The two-story building sits on 7.93 acres and has ample surface parking. It is located close to Interstate 10, IKEA, Emerald Center and adjacent to the Tempe Sports Complex.
About Lee & Associates Arizona
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of the 46 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.
Senior Research Analyst
Public Media Relations
mdepinto (at) leearizona (dot) com
Rick Lee, Principal
rlee (at) leearizona (dot) com