Office Building Sells in 16 Days for About $1.8M

TEMPE, AZ-A Tempe office building sold for about $1.83 million within 16 days of going on the market. The buyer is a California investment company that plans to turn the space into medical offices.

Neil Sherman with Sperry Van Ness Mullen in Phoenix tells GlobeSt.com that he took over the sale of the building, known as the Landings, after owners Bob and Susan La Ganke had an earlier deal fall out of escrow. “Originally, the seller tried to market the property themselves without being successful,” says Sherman, who brought the couple an offer from Gateway LLC two days after placing the two-story, 17,500-sf office building back on the market. “From the day they signed that offer to the day they closed escrow was 16 days,” Sherman said.

Located at 404 W. Broadway Rd. near Tempe St. Luke’s Hospital, the red-brick building with teal accents has 10,500 sf available for lease and is ideally suited for medical offices, Sherman notes. “Ideally the new owners would love to see doctors to go in there, but if we can’t find all medical uses, we’ll put other tenants in,” he says, optimistically adding he’s confident the building will be fully leased. Sperry Van Ness Mullen hold management and leasing duties for the new owners.