Mill Avenue Properties Sell for $13.8 Million
Phoenix, Ariz. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees and Vice President Brad Rable announced today that the National Retail Investment Group – West (NRIG-West), in union with Executive Vice President Barry Gabel and Senior Associate Chris Marchildon, completed the sale of a +39,979-square-foot two-property portfolio, 420 and 501 S. Mill Avenue in downtown Tempe, Arizona. The properties commanded a combined sale price of $13.8 million.
CBRE’s retail investment experts Voorhees, Gabel, Rable and Marchildon represented the seller, Beverly Hills, Calif.-based real estate investment company, Starpoint Properties, LLC. The buyer, also represented by CBRE, was 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 at 420 and 501 S. Mill Avenue encompass a +15,460-square-foot site at the northwest corner of Mill Avenue and 5th Street, the primary intersection for dining, shopping and entertainment in the trade area. The properties were approximately 79 percent occupied at the time of sale. “Mill Avenue is arguably Arizona’s best known, pedestrian-oriented retail street,” said Rable. “Adjacent to the country’s largest public university, this offering presented an uncommon opportunity to own two assets at this very visible, highly-trafficked intersection.”