Two prime retail properties in Tempe have been successfully sold for a total of $22.2 million. The seller was represented by JLL, who also facilitated the sale to Capstone Advisors and assisted with financing.
These two properties, built in 1998, boast a combined area of 38,896 square feet and are fully occupied by high-end retailers. Strategically located on Mill Avenue and 5th Street within the bustling Mill Avenue Corridor, these iconic buildings benefit from their close proximity to Arizona State University’s main campus with over 70,000 students as well as numerous annual events that attract visitors to downtown Tempe.
The City of Tempe has recently announced plans for a $22 million streetscape improvement project along Mill Avenue. Recognizing this as an ideal opportunity to acquire valuable assets in need of renovation and enhance their visibility in the market, the buyers made their move at just the right time.
