**Target Sells Former Tempe Office Complex for $20.5M**
Target has officially sold its long-vacant office complex in Tempe, Arizona for $20.5 million. Located at 8530 South Priest Drive, the property had been vacated by Target employees more than five years ago in response to the COVID-19 pandemic and changing workplace dynamics.
The 188,960-square-foot office center, constructed in 2000, consists of two two-story buildings situated on a 25.29-acre site. Included in the transaction was 12.64 acres of adjacent vacant land.
The buyer, Widewaters, was represented by Paul Borgesen, Dylan Sproul, and Royden Hudnall of Transwestern. CBRE’s Bill Bayless represented the seller, Target.
Despite Target investing approximately $8 million into upgrading the complex in 2019, employees never returned to the site.
Widewaters plans to market the property to new office users and is currently developing plans for the vacant land included in the purchase.
