Widewaters Acquires Two Office Buildings In Tempe From Target Corp For $20.5M
8530 South Priest Drive & 8550 South Priest Drive
$20,500,000
$108/SF
Building Size
94,480 SF
Asset Type
Office
Closing
Aug 26, 2025
About this deal
AI
Widewaters acquired two office buildings located at 8530-8550 South Priest Drive in Tempe, AZ, for a total sale price of $20,500,000. The properties encompass a combined area of 94,480 square feet and are situated on 25 acres. The complex, originally built in 2003 and renovated in 2019, includes a parking garage with easy access to the freeway.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $20,500,000
- Square Footage: 94,480
- Address: 8530-8550 South Priest Drive
- Market: Tempe, AZ
- Price per Square Foot: $217
- Buyer: Widewaters
- Seller: Target Corp
- Buyer's Representative: Paul Borgesen, Dylan Sproul & Royden Hudnall - Transwestern
- Seller's Representative: Bill Bayless - CBRE
The transaction involved key representatives from both parties, with Widewaters being represented by Paul Borgesen, Dylan Sproul, and Royden Hudnall of Transwestern, while Target Corp was represented by Bill Bayless from CBRE. This deal highlights active participation from established brokers in the office property market.
Players
Tempe Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93