Major Real Estate Transaction Closed in Key Tempe Area

Real estate brokerage firm Transwestern has mediated the sale of properties at 8530-8550 S. Priest Drive in Tempe, Arizona. The transaction amount reached $20.5 million (approximately 27.5 billion KRW), with real estate developer Widewaters as the buyer.

This deal includes two office buildings totaling 188,960 square feet (approximately 17,560 ㎡) and 12.64 acres (approximately 51,170 ㎡) of vacant land. The seller is major U.S. retailer Target Corporation.

Built in 2003, Renovated in 2019

The property, known as Target Financial Center, consists of two 2-story buildings, each measuring 94,480 square feet. Constructed in 2003, the buildings underwent complete renovation in 2019.

The entire 25-acre site includes a 2-story parking structure and approximately 13 acres of developable land. With direct access to Interstate 10 and Loop 202, the location offers excellent transportation connectivity. The surrounding area features a concentration of restaurants, retail stores, hotels, and entertainment facilities.

Move-In Ready Turnkey Office

Dylan Sproul of Transwestern explained, "This fully furnished turnkey office environment enables immediate productivity," adding, "Located in the heart of Emerald Center Business Park, it presents an opportunity for strategic companies to secure a foothold and inject new vitality into the Emerald Center master plan."

Edward Shagen, Vice President of Development at Widewaters, stated, "Securing high-quality assets and developable land in high-demand markets like Tempe aligns with our investment strategy," noting, "We appreciate the Transwestern team's ability to close deals quickly and look forward to continued collaboration on this excellent portfolio."

Tempe Office Market Shows Three Consecutive Quarters of Vacancy Rate Improvement

According to Transwestern Research, as of Q2 2025, the Tempe market has 12.8 million square feet of office space with a vacancy rate of 13.6%. This marks the third consecutive quarter of improvement and represents the lowest quarterly vacancy rate since Q2 2023.

Transwestern has completed its third major investment transaction in the Phoenix/Tempe area this year. In June, it brokered 2155 East GoDaddy Way in Tempe to Avnet, and in April, it handled the acquisition of Gilbert medical facility Copper Point for approximately $36 million.