Tag Archives: Hayden Station

DTZ completes lease for new restaurant on Mill

DTZ, a global leader in commercial real estate services, announced today that The Grill on Mill has leased 5,537 square feet at Hayden Station, 350 S. Mill Avenue in Tempe, AZ. The California-based operator plans to open the new restaurant mid-2015.

DTZ Vice President Brent Mallonee represents the landlord, YAM Properties, in its retail lease negotiations. Courtney Auther Van Loo with Cushman & Wakefield represented the tenant in this transaction.

The Hayden Station location is The Grill on Mill’s first Arizona restaurant. There are several related restaurants in California, including the original Firestone Grill in San Louis Obispo.

The Grill on Mill is located on the ground floor of the project’s B building, with strong frontage on Mill Avenue. The landlord combined three ground floor spaces to create the new restaurant suite.

Hayden Station is a ±106,834 square foot, mixed-use project located on the southwest corner of Mill Avenue and 3rd Street that features five buildings with office and retail space. It is directly across from the Metro Light Rail station and minutes from Arizona State University. DTZ has the leasing assignment for the office and retail space at Hayden Station.

For more information on Hayden Station contact DTZ at 602.954.9000.

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Hayden Station in Tempe sold for $26.5M

Cassidy Turley has announced that Mill Avenue Office, L.L.C. (owned by Bob Parsons) has acquired Hayden Station, a 107,508 square foot, mixed-use office and retail property located on the southwest corner of Mill Avenue and 3rd Street, for $26.5 million ($246.49 per square foot). The seller was Tucson, Arizona-based Holualoa Companies.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee with Cassidy Turley’s Office and Retail Groups brokered the transaction on behalf of the buyer and the seller.

“Urban, infill properties in true walkable, 24/7 locations are generating exceptional investor interest,” Mr. Lindley said. “We were able to take advantage of this interest with Hayden Station’s Mill Avenue address in Downtown Tempe right at the light rail station.”

Built in 1986, Hayden Station (formally Hayden Square), includes five buildings: 310,350,404 and 410 S. Mill Avenue and 51 W. 3rd Street. The four Mill Avenue buildings are all two story and range in size from 5,642 to 9,548 square feet. The 3rd Street building is a five story, 74,307 square feet multi-tenant office building. The entire project was 97.9% leased at the time of sale.

“Hayden Station has had a history of maintaining high occupancy, even during the recent downturn,” according to Stan Shafer, Chief Operating Officer for Holualoa Companies. “Downtown Tempe is now the strongest office market in the Phoenix Metro.”

Hayden Station is strategically located on Mill Avenue, adjacent to a Light Rail station and within a short walk to Arizona State University. Downtown Tempe is one of Arizona’s most supply-constrained and successful office markets, with the Tempe North