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Cross Ocean Partners & Breakwater Property Partners Acquire Office Building In Tempe For $56.2M

Property Image
SOLD
$56,200,000
Chris Marchildon
Barry Gabel

Arizona

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Office184,000 SF
Sold 05/24/2024
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Property Image
SOLD

Cross Ocean Partners & Breakwater Property Partners Acquire Office Building In Tempe For $56.2M

433 South Farmer Avenue

See Similar Deals
Office184,000 SF
Sold 05/24/2024
Chris Marchildon
Barry Gabel
the dealplayerscompscontact
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Summary

ARIZONA
Asset Type:Office
Price Per Square Foot:$305
Total Square Footage:184,000 SF
Transaction Type:Sale

The Beam on Farmer, a pioneering five-story office building located at 433 South Farmer Avenue in Tempe, AZ, has been sold for $56.2 million. This innovative property spans 184,000 square feet and features exposed Cross Laminated Timber (CLT) construction as its primary structural system.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $56,200,000
  • Buyer: Cross Ocean Partners & Breakwater Property Partners
  • Brokers: Barry Gabel & Chris Marchildon - Newmark
  • Market: Tempe, AZ
  • Square Footage: 184,000
  • Price per Square Foot: $305

The sale of The Beam on Farmer marks a significant transaction in the Arizona real estate market. Cross Ocean Partners & Breakwater Property Partners were the buyers in this deal, facilitated by the expertise of brokers Barry Gabel and Chris Marchildon from Newmark. This deal showcases the growing trend towards innovative construction methods in the commercial real estate sector.

Players

Barry Gabel
Newmark
Barry Gabel
13 deals$531.5M volume
BROKER
Chris Marchildon
Newmark
Chris Marchildon
13 deals$531.5M volume
BROKER

Details

SOLD
IMAGE: 05/24/2024 ADDRESS: 433 South Farmer Avenue MARKET: Tempe, AZ ASSET TYPE: Office BUYER: Cross Ocean Partners & Breakwater Property Partners BROKERS: Barry Gabel & Chris Marchildon - Newmark SALE PRICE: $56,200,000 SF: 184,000 ~ PPSF: $305 NOTE: The Beam on Farmer, a pioneering five-story office building spanning 184,000 square feet, has changed hands for $56.2 million, marking the state's inaugural utilization of exposed Cross Laminated Timber (CLT) construction as its primary structural system.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,997,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$199,666.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$266,416.67
Annual Debt Service$3,197,000.06