An investment firm plans to develop a high-rise apartment project at one of the two plots of land it purchased near Mill Avenue, according to Cushman & Wakefield who represented the sellers in the deal.
Core Campus Investment Partners LLC purchased .75 acres at the southeast corner of Seventh Street and Mill Avenue in Tempe, along with the southwest corner of Seventh Street and Myrtle Avenue, for $8.4 million.
Core Campus plans to develop the high-rise apartment project at Seventh Street and Myrtle Avenue, and is still determining what to do with the Seventh Street and Mill Avenue corner.
The land is near The Opus Group‘s upcoming high-rise mixed-use development.
Cushman & Wakefield’s Cliff Johnston and Brian Rosella represented the sellers, 2015 Mill & Myrtle LLC, in the deal.
“This sale was the highest (per square foot) sales price for any piece of land in Arizona over the last 10 years. As a vibrant urban area, demand for land in Tempe has been unprecedented but this closing has set a new benchmark for pricing in the state,” Rosella stated.
Core Campus developed the 19-story Hub on Campus project in 2013 just south of ASU Sun Devil Stadium.