Cross Ocean Partners & Breakwater Property Partners Acquire Office Building In Tempe For $56.2M
433 South Farmer Avenue
$56,200,000
$305/SF
Building Size
184,000 SF
Asset Type
Office
Closing
May 24, 2024
AI
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
Tempe Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93