**Phoenix Investor Acquires Former Avnet Office Property in ASU Research Park for $7.26M**
Arizona investor David McHenry has purchased a two-story office building located at 8700 S. Price Road in Tempe for $7.26 million. The 132,000-square-foot property, once occupied by tech giant Avnet Inc., is situated in the ASU Research Park, a 2.2 million-square-foot innovation hub that houses numerous technology and corporate tenants. The land beneath the building is owned by Arizona State University, and the lessee pays an annual land lease of $390,000.
The property was sold by LNR Partners, a special servicer that assumed control after the building went into default following Avnet’s departure. At the time of the sale, the unpaid loan balance totaled $12.95 million.
McHenry has indicated flexibility regarding the building’s future, stating he is open to leasing the space to either multiple tenants or a single user.
The transaction was brokered by Cushman & Wakefield’s Eric Wichterman, Chris Toci, and Mike Coover on behalf of the seller. Jack Stein of Patriot Commercial Properties represented the buyer. CBRE’s leasing advisory team, including Charles Miscio and Luke Walker, advised on the deal and now holds the leasing assignment for the property.
