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Thank you to local realtor Nick Bastian for allowing My Local News – Arizona to republish his story from the blog Phoenixrealestateguy.com.

In the largest commercial office property sale in Phoenix history, Jerry Colangelo and crew are participating in the purchase of the Marina Heights buildings on the shore of Tempe Town Lake.

The sale is reported to have been completed for $928 million. Yes, that’s nearly ONE BILLION FREAKING DOLLARS!

State Farm will continue to occupy the buildings in the sale / leaseback deal. Marina Heights consists of 2 million square feet of Class A office space. In addition to being the home to thousands of State Farm employees, you’ll find Mountainside Fitness, Matt’s Big Breakfast, Starbucks a Honor Health facility and more.

Marina Heights has already been instrumental in changing the landscape in Tempe. This deal signifies the strength of their commitment to the community and shows the strength of the overall commercial real estate market. There’s some mighty big players playing in Downtown Tempe.

There is a LOT more to this story and I’ll update it this afternoon. Fortunately, I am off to a meeting and can’t finish this post until later.

Wow. Wow, Wow!!

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