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3/23/16
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A 40k sf, two-property portfolio in Tempe, AZ sold for $13.8 mil, or $345/sf. The properties, located at 420 and 501 S. Mill Ave in the city’s downtown, were acquired by a San Francisco-based private investor who completed the sale as part of a 1031 tax deferred exchange.
Built in 1998 and 1891/1995, respectively, the properties encompass a 15.5k sf site at the northwest corner of Mill Ave and 5th St, the primary intersection for dining, shopping and entertainment in the trade area. The properties were approximately 79 percent occupied at the time of sale.
CBRE retail investment experts Philip D. Voorhees, Brad Rable, Barry Gabel and Chris Marchildon represented the seller, Beverly Hills-based Starpoint Properties LLC. The buyer was also represented by CBRE.
According to Gabel, “With a retail vacancy rate less than four percent, downtown Tempe is one of the healthiest and vibrant retail trade areas in the Valley.” He continued, “Downtown Tempe is an area of metro Phoenix that is thriving and seeing significant new development. 420 and 501 S. Mill Avenue are urban, infill, ‘main and main’ retail locations with excellent tenancy that will benefit from the continued growth of the submarket.”
According to Voorhees, CBRE distributed more than 294 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated nearly twenty offers to purchase the property.
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