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Menlo Group Sells Tempe Office Complex for $6.2M

Exterior of brown office building with palm tree and blue skies with white clouds

Two office buildings located at 850 and 858 W. Elliot Rd. in Tempe changed hands for the third time in six years.

Exterior of brown office building with palm tree and blue skies with white clouds

Tempe, AZ–July 1, 2024–Menlo Group Commercial Real Estate today announced the sale of a two-building office complex located at 850 and 858 W. Elliot Rd. in Tempe, Ariz. Built in 2001, the 25,000 sq. ft. property sold for $6.2 million.

Steve Berghoff, SIOR, CCIM, of Menlo Group represented the seller, 22 Kendrick, LLC, during the transaction. The buyer, Hana Koa, LLC, was represented by Erik Marsh of Kidder Mathews.

“Due to building improvements and a strategic leasing strategy, this property has seen a steady increase in value over the years,” Berghoff said. “We are thrilled to have been a part of its journey.”

The property has a rich history of successful transactions. In 2018, Menlo Group represented both the buyer and seller in a $4.1 million sale. Three years later, in 2021, the commercial real estate firm helped sell the property to 22 Kendrick, LLC, for $4.3 million. Since then, Menlo Group remained involved with the management and leasing of the property; Berghoff helped secure multiple new tenants to make the property a more attractive investment.

“The Tempe office market remains robust, and properties like 850 and 858 W. Elliot Rd. continue to appeal to investors,” Berghoff said. “After representing this property for years, I’m excited to see what the future holds for the new owner and current tenants.”

About Menlo Group

Menlo Group Commercial Real Estate is a full-service commercial real estate brokerage headquartered in Tempe, Ariz. We specialize in buyer/tenant representation, seller/landlord representation, investment services and real estate consulting. We exist to support clients, advisors and employees in their professional objectives through effective real estate strategies. To view other noteworthy transactions, please check out our press releases.

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