Fully leased Tempe office building changes hands as Phoenix vacancy rates hit multi-year lows

Article originally posted on Phoenix Business Journal on February 2, 2026

A fully leased office building has sold in Tempe as vacancy rates in the Phoenix metro fall to years-long lows.

Hohokam Court was acquired in January for $11.7 million by ARC TEMPE 2005 LLC, an entity affiliated with Jake Gallagher of Alignment Realty Capital, according to Tempe-based real estate database Vizzda LLC. ARC was represented by brokers at Lee & Associates, while the sellers were represented by JLL, Vizzda found.

The single-story 70,853-square-feet building at 2005 W. 14th Street was attractive to the buyer for a couple of reasons: the location and being fully leased at the time of closing.

Six current tenants range from logistics to health care and professional services. Among those are Total Quality Logistics (TQL), San Tan Communications, Hope Group and SISU Health Solutions. Marcus Muirhead, who was part of the Lee & Associates team that represented ARC, said the buyer plans to retain these tenants.

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