DESERT VISTA COMMERCE CENTER
PROJECT SUMMARY
DATE ACQUIRED
Jan. 2016
LOCATION
Tempe, AZ
SIZE
98,687 SF
TENANTS
12
YEAR BUILT
1998
MARKET
REGION
The city of Tempe is located just east of Sky Harbor International Airport, south of Scottsdale, west of Mesa and north of Chandler. As one of the metropolitan area’s most prominent cultural and employment centers, Tempe has over 160,000 residents and is home to Arizona State University, the nation’s largest university by enrollment with over 70,000 students and 11,000 employees. ASU’s economic impact is estimated to equal $4 billion, making it one of the state’s most important economic engines in terms of workforce education, cultural contributions, and commercial development. The city crossed by the Loop-101 and Loop-202, two of the greater Phoenix area’s most developed arterial freeways.
CORPORATE ENVIRONMENT
Tempe provides one of the nation’s most well-educated labor pools, with 40% of residents earning a Bachelor’s Degree or higher. The city is also home to the state’s largest concentration of technology firms; this list includes Medtronic, Microsoft, GoDaddy, Insight Enterprise (a Fortune 500 company), and more. Approximately 20% of Tempe’s employment is in the technology sector and over 500 local companies are considered tech firms, giving the area its “Silicon Desert” reputation. The largest employers in Tempe are Arizona State University, Maricopa Community Colleges, Safeway Inc., SRP, Wells Fargo, Honeywell, US Airways, and Freescale Semiconductor.
LOCAL AREA
Tempe is known for its college-town personality and 24/7 entertainment, shopping, dining, and park amenities in locations such as the Mill Avenue District, a nightlife destination for the entire Phoenix area. Tempe is also home to the Sun Devil Stadium and the Fiesta Bowl Block Party, one of the nation’s largest New Year’s Eve celebrations and sporting events. The city offers a live-work-play combination that has created significant inflow of office, retail, and residential developments including the construction of 3.400 multi-family residential units and a 2-million-square-foot State Farm Insurance corporate campus.