The office park that was previously home to State Farm's regional office in Tempe for over a decade has been demolished to make way for a industrial project valued at about $70 million.
California-based Panattoni Development Company Inc. is making progress toward constructing a pair of 450,000-square-foot industrial buildings at 2750 S. Priest Drive after demolishing five office buildings and one parking garage, Phoenix Partner John DiVall told the Business Journal. An existing three-story parking garage off Fairmont Drive with over 850 parking spaces will remain.
The city of Tempe issued two building permits Aug. 6 for both buildings on the 25-acre property. Building 1 is 250,000 square feet and had a permit valuation of $17 million while Building 2 is 200,000 square feet and was valued at $13.7 million.
Read more of this story from the Business Journal.
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