Maricopa Community College District buys Tempe office complex

Article originally posted on CoStar on December 4, 2025

Maricopa County Community College District purchased a 188,960-square-foot office complex in Tempe, Arizona, from The Widewaters Group for $27 million, or about $143 per square foot.

The former Target Financial Center, located at 8530 S. Priest Dr., consists of two 94,480-square-foot office buildings constructed in 2003 and renovated in 2019. The two-story property sits on a 25-acre site and includes a two-level parking garage.

The community college district plans to use the buildings for administrative and executive offices. The transaction was completed as an owner-user deal.

“We are very pleased to have found a buyer for the two-building portfolio at S. Priest Drive. The Transwestern team turned quickly on the property to find excellent new ownership in Maricopa Community Colleges,” Edward Shagen, vice president of development at Widewaters Group, in a statement announcing the sale.

Widewaters had acquired the property only three months earlier for $20.5 million, according to CoStar data.

“This transaction underscores the continued strength of the Tempe office market and the underlying value of well-located, developable land,” said Dylan Sproul of Transwestern.

The property offers direct access to Interstate 10 and Loop 202, with nearby amenities including restaurants, retail, hotels, and entertainment venues.

David Barrett of CBRE represented the buyer. Paul Borgesen, Dylan Sproul, and Royden Hudnall of Transwestern Real Estate Services represented the seller.