One of the two new office buildings under construction in Tempe, planned for Carvana, won't end up being occupied by the used car retailer.
Instead, these two buildings at 1295 and 1325 W. Rio Salado Parkway, along with nearly 50,000 square feet of existing buildings once occupied by Carvana (NYSE: CYNA), are now part of Tempe Vale. It is being sold to a new tenant under the campus name. '' The campus is being developed by Verde Investments, owned by Ernesto Garcia II, Carvana's largest shareholder and the state's wealthiest Valley businessman. Verde is also considering redeveloping Fiesta Mall in Mesa, with plans for a large mixed-use development.
Tom Adelson and Erin McClure of Newmark Group, Tempe Vale's listing brokers, have been marketing the Verde campus since the fall, Adelson said. The companies are also selling 292,000 square feet of land on Tempe's Marina Heights campus (500 East Rio Salado Parkway) that Carvana is considering subletting. Carvana is headquartered at the Marina Heights campus.
A Carvana spokeswoman declined to address questions about the company's decision-making timeline or the potential financial impact of declining the occupancy.
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