Maricopa Community Colleges Purchases Two-Building Complex for Administrative Offices
November 07, 2025
PHOENIX – Transwestern Real Estate Services (TRS) announces that it represented Widewaters in the $27 million sale of 8530-8550 S. Priest Drive in Tempe, Arizona, a two-building complex totaling 188,960 square feet of Class A office space to Maricopa Community Colleges.
Transwestern’s Paul Borgesen, Dylan Sproul, Bill Zurek, Jim Achen Jr., and Royden Hudnall represented the seller. Maricopa Community Colleges, which will use the buildings for administrative and executive offices, was represented by David Barrett from CBRE.
In August, Transwestern brokered Widewaters’ purchase of the property, which included 12.13 acres of developable land. Widewaters is currently working on a development plan for the vacant land and plans to begin construction in 2027.
“We are very pleased to have found a buyer for the two-building portfolio at S. Priest Drive,” said Edward Shagen, Vice President of Development, Widewaters. “The Transwestern team turned quickly on the property to find excellent new ownership in Maricopa Community Colleges.”
Formerly known as the Target Financial Center, the buildings were built in 2003 and renovated in 2019. Each of the two buildings consist of 94,480 square feet of space. The 25-acre lot also has a two-level parking garage. The property offers direct access to Interstate 10 and Loop 202, and nearby amenities include restaurants, retail, hotels, and entertainment.
“This transaction underscores the continued strength of the Tempe office market and the underlying value of well-located, developable land,” said Sproul. “We’re looking forward to seeing Widewaters’ next phase of development come to life within the Emerald Center business park.”
In addition to the sales at S. Priest Drive, Transwestern has been involved in two other significant investment transactions in the Phoenix/Tempe area in 2025. In June, TRS represented ElmTree Funds, LLC in the sale of 2155 East GoDaddy Way in Tempe, Arizona, to Avnet, Inc. In April, Transwestern Investment Group and RX Health & Science Trust (RXHST) acquired Copper Point, a 93,262-square-foot medical outpatient facility located at 3530 South Val Vista Drive in Gilbert, Arizona, for approximately $36 million.
According to Transwestern research, as of the close of the third quarter of 2025, the Tempe market had 12.8 million square feet of office space with 14.4% direct available vacancy. Tempe trails only the Downtown and Scottsdale submarkets in Class A office inventory and has seen full-service asking rents climb nearly 10% since 2022 amid steady quarterly gains.
About Widewaters
Widewaters is a vertically integrated real estate organization with over 50 years of experience in the development, construction, acquisition and management of retail, hospitality, residential and office/industrial properties across North America. We have developed or acquired over 13 million square feet of institutional quality real estate assets with a value in excess of $2 billion. In-house capabilities include acquisitions, site selection, entitlements, feasibility, legal, leasing, financing, accounting, construction, property management, and asset management. Leveraging our entrepreneurial instincts, capital and expertise, Widewaters continues to develop and acquire high-quality real estate across North America. Widewaters’ corporate office is in Syracuse, New York, with additional operations in the Charlotte, North Carolina, and Salt Lake City, Utah, areas. For more information, please visit www.widewaters.com.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners, and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
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Dan Foley
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dan.foley@transwestern.com
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