In a $73 million deal, an affiliate of Phoenix-based JDM Partners L.L.C. has acquired State Farm Mutual Automobile Insurance Co.’s operations center in Tempe.
Built in 1999, the 372,408-square-foot complex sits on a 21-acre tract at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive, within the master-planned Fountainhead Corporate Park in Tempe. The property consists of four Class A office buildings, one inspection and storage facility, along with two above-grade parking structures.
It has convenient access to the regional freeway network, Sky Harbor International Airport, downtown Tempe, Arizona State University and a wide variety of nearby amenities. Barry Gabel, Mindy Korth and Chris Marchildon of CBRE Group Inc.’s Phoenix office represented the seller. The five-building corporate campus is completely occupied by State Farm Insurance.
In other transaction news, San Diego-based Pathfinder Partners, L.L.C. has expanded its Phoenix footprint with the $16.4 million acquisition of Copper Creek, a 21-building community in Tempe, from Equity Residential.
Developed in 1984, the 144-unit property features one- and two-bedroom apartments and townhomes ranging from 711 to 1263 square feet. Common amenities include two pools, a spa, clubhouse, fitness center, barbecue grills and picnic area.
Pathfinder plans to give the property a $1.6 million makeover. Highlights will include a new clubhouse/gym, landscaping, a dog park and new exterior paint. Some units will get new flooring, cabinetry, countertops, finishes, fixtures, appliances and fresh paint. Additionally, Pathfinder will rename the property and install new signage.
Other recent Pathfinder acquisitions in the Phoenix area include:
- Academy Apartments, a 96-unit, four-building community near the city’s central business district
- Dorsey Place, 84 units in a 90-unit new condominium project in Tempe, in partnership with San Diego-based Stratford Partners
- Dobson Springs Apartments, a 120-unit complex in Mesa, an REO acquisition in partnership with Arizona- and British Columbia-based Bruckal Properties and its affiliate New Summit Partners
-Barolo Place, a high-end townhome project at 10757 North 74th St. in Scottsdale. Pathfinder acquired the remaining 16 units in the 65-unit community. (Pathfinder)
Photo: Fountainhead Corporate Park