Tag Archives: Mill Ave

hayden_station

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

Mill Ave in Tempe, Arizona

2 Valley Treasures Will Receive A Little TLC

Phoenix (November 29, 2010) – The Tempe City Council recently voted unanimously to move forward with plans to restore Papago Park and Mill Avenue. The Papago Park restoration plans focus on improvements to marketing and park amenities while Mill Avenue will receive some much needed clean-up and landscaping.

Papago Park Master PlanPapago Park Master Plan – The cities of Phoenix, Tempe and Scottsdale together with the Salt River Pima-Maricopa Indian Community (SRPMIC) joined forces to conduct a public planning process to develop a vision and series of recommendations to guide the future of Papago Park as a premier regional park serving these cities and the larger region. Papago Park is situated in the heart of the greater Phoenix Metropolitan area at the intersection of the municipal boundaries of Phoenix, Tempe and Scottsdale.

master plan is to protect, preserve and enhance the physical, social, recreational and cultural resources the park provides to the regionThe park’s 2,000 acres include recreational open space and a wide variety of privately owned and leased facilities which serve a myriad of users. The intent of the master plan is to protect, preserve and enhance the physical, social, recreational and cultural resources the park provides to the region which will hopefully provide the ingredients necessary to achieve ‘Great American Park’ status.

Papago Park Regional master planThe Tempe City Council recently approved their City’s part of the Papago Park Regional master plan. The comprehensive planning process, embarked upon jointly by the cities and SRPMIC, resulted in a plan that includes measures aimed at restoring key areas of the park and promoting it as a single attraction. The master plan addresses the deficiencies in marketing efforts for the Park, which includes such tourist attractions as the Phoenix Zoo and the Desert Botanical Garden which are self-promoted. The Council’s approval includes a plan that proposes signage, advertising and better connections between trails in the park to encourage visitors to see more than one attraction during day trips. Mayor Hugh Hallman focused on the promotion of some of the park’s Native American ruins, which include art and landmarks used by the Hohokam, who settled the Salt River Valley in the 400s. He feels very strongly about the interest of visitors in such sites as Hole in the Rock.

plans to improve Mill AvenueMill Avenue - City Council also approved plans to improve Mill Avenue with the collaboration of the Downtown Tempe Community. A private company that helps businesses on Mill with marketing and outreach, the DTC will soon begin employing crews to clean up trash on the street and remove graffiti six days a week. The DTC crews will double as ambassadors who can answer visitors’ questions and distribute district maps. The City will provide landscape improvements in the medians.

Through this process, DTC and the City have also worked together to address the issues of business owners in the district. Their efforts include distributing a flyer to better illustrate the problems that business owners have with damage, litter, graffiti etc. in order to connect the business owners with the various City or DTC departments that can help resolve those issues which have long been a source of confusion.