Tempe Multi-Tenant Office Building Sells for $4.125M

Menlo Group Commercial Real Estate brokered the sale of a multi-tenant office building, located at 3910 S. Rural Rd. in Tempe, Ariz.

Tempe, AZ, May 16, 2022–Menlo Group Commercial Real Estate today announced the sale of 3910 S. Rural Rd. in Tempe, Ariz. The multi-tenant office building sold for $4.125 million.

The property includes 17,286 sq. ft. and is located on 1.51 acres just north of the U.S. Route 60. In 2020, the space was renovated to include underfloor air distribution and updated mechanical and lighting systems.

“It was a pleasure to work with the Menlo team. They were very thorough and followed up to ensure that the project closed,” said John Schottenstein, asset manager for the seller. “The seller was very pleased with the work that Menlo did on his behalf.”

Menlo Group first started representing the property in 2019 and helped the owner sign multiple leases. At the time of the sale, the building had ample shell space available for occupancy, making it an attractive owner-user opportunity with income in place.

“This property checked all the boxes for what we were looking for in a space,” said Cody Sperber, the buyer of the building. “This is now the second transaction I’ve been involved in with the Menlo team, and they’ve been true professionals and an absolute pleasure to work with.”

Steve Berghoff, CCIM, SIOR, and Grafton Milne, CCIM, SIOR, of Menlo Group represented the seller, HFI-Tempe, LLC. Sperber was self-represented during the sale and will utilize Menlo Group’s project management department to oversee the buildout of his space.

“We are grateful for the partnership we have built with the owner as he leased and then sold this beautiful property,” Milne said. “Tempe continues to be a thriving submarket, and we are excited to see Cody and his team relocate here.”

About Menlo Group

Menlo Group is a full-service commercial real estate brokerage headquartered in Tempe, Ariz. We specialize in buyer/tenant representation, seller/landlord representation, investment services, real estate consulting, property management and project management. We exist to support clients, advisors and employees in their professional objectives through effective real estate strategies. Please contact our landlord/seller team to discuss listing your commercial property.