Colliers International in Greater Phoenix negotiated the $1.4 million purchase of 1.5 acres at 942 and 946 W. First St. in Tempe, near Arizona State University and Tempe Town Lake.

The site, which consists of two parcels and a 10,200-square-foot warehouse building, is planned for a mixed-use, live/work redevelopment.

Mike Milic, vice president with Colliers, represented the buyer, EDU3 Ventures of Scottsdale, in the off-market transaction. The seller was Edna M. Evans of San Diego, California, who was self-represented.

“This was an extraordinarily desirable purchase for EDU3 as the property is particularly well-positioned and one of the last mixed-use redevelopment sites along the dramatically changing First Street corridor, south of Tempe’s Farmer Arts District,” Milic said. “EDU3 Ventures focuses on redevelopment, design engineering and adaptive reuse.”

“Tempe has been on our radar for quite some time. This acquisition represents a very rare opportunity just south of the vibrant Tempe Town Lake Corridor,” said Marc Bonilla, president and owner of EDU3 Ventures. “This site offers tremendous possibilities with its proximity to Marina Heights and Mill Avenue and the explosive growth around Arizona State University. We will be slow-walking our options for the site as we explore redevelopment options heading into 2017.”

The property is located at the hard corner of First Street and South Hardy Drive, just off Rio Salado Parkway in Tempe.

The nearby Farmer Arts District is home to two Sam Fox concepts, The Yard and Culinary Dropout; as well as The Lodge Sasquatch Kitchen, a highly successful restaurant venue that opened last year.

Adding to the growth of this vibrant area is the proposed development of Alliance Residential’s 168-unit Broadstone Lakeside mixed-use residential.