Panattoni Development Company Purchases Former State Farm Office Campus In Tempe For $37.5M

Panattoni Development Company has acquired a former State Farm office campus located at 1665 West Alameda Drive in Tempe, Arizona. The asset encompasses 462,000 square feet, with a sale price of $37.5 million, which translates to a price per square foot of $81. The property spans a 25-acre site intended for conversion into a two-building industrial project.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $37,500,000
• Square Footage: 462,000
• Address: 1665 West Alameda Drive
• Market: Tempe, AZ
• Price per Square Foot: $81
• Buyer: Panattoni Development Company
• Seller: JDM Partners
• Brokers: Barry Gabel, Chris Marchildon, CJ Osbrink, Gary Cornish, Nico Burgarello & Erin McClure

The deal involved representation from multiple brokers, including Barry Gabel, Chris Marchildon, CJ Osbrink, Gary Cornish, Nico Burgarello, and Erin McClure, who facilitated the transaction between Panattoni Development Company and JDM Partners.