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7/05/18
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Dunbar Real Estate Investment Management bought Mill Avenue Business Park, a 134.9k sf business campus in Tempe, AZ, for $14.25 mil ($105/sf). The property, located at 40 E. Baseline Rd, 5030 S. Mill Ave and 5005-5025 S. Ash Ave, was sold by Birtcher Anderson Realty of San Juan Capistrano.
Mill Avenue Business Park provides a strong presence on both Mill Ave and Baseline Rd – two major arterials in Tempe. Built in 1983, the property recently underwent $1.3 mil in capital improvements by the seller.
Currently 87.7% occupied, Mill Avenue Business Park draws a wide-range of office, industrial and retail uses, including the legal, healthcare, professional services, tech, telecommunications, fitness, and foodservice industries.
Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Dunbar is located in El Segundo.
“Birtcher Anderson made some excellent improvements to the property, including engaging with its Mill Avenue frontage. With strong potential for rent growth and higher occupancy, Mill Avenue Business Park should be a strong strategic investment for Dunbar,” said Buckley.
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