SWVP Acquires Interest in Crossroads of Tempe

August 5, 2011

SWVP Acquires Interest in Crossroads of Tempe

Tempe -­‐ Crossroads of Tempe LLC, a venture formed by ViaWest Properties LLC in Phoenix and Southwest Value Partners in San Diego, California, paid $4.055 million ($36.19 per foot) to acquire a 112,060-­‐square-­‐foot office-­‐retail project at the northwest corner of Elliot and Kyrene roads in Tempe. The seller was a company formed by Castle & Cooke Inc. in Bakersfield, California. The three buildings are within the Crossroads at Tempe office-­‐retail complex. Two of the structures, which are shell offices, are 52,468 sq. ft. and 44,132 sq. ft. The purchase included a retail structure of 15,460 sq. ft., which is 55 percent occupied. The addresses of the buildings are 303 and 309 W. Elliot Road and 7707 S. Kyrene Road. Crossroads at Tempe has two other retail structures that are owned separately. ViaWest and Southwest Value Partners have been active real estate investors in the Valley.