Tag Archives: mill avenue district

Dolce Villagio Townhomes Sells for $7M

ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $7,000,000 sale of Dolce Villagio Townhomes, located in Tempe, AZ.  The complete townhome community consists of 37 individually parceled units that were built in 2007 and are currently operating as luxury apartment rentals.  The $7,000,000 purchase price reflects a price of $189,189 per Unit and $132.97 per Square Foot.

 

The Arizona based Developer/Seller of the project originally intended to sell-off the townhome units to individual Buyers.  However, upon delivery in 2007, the condo market was dissipating and the Seller made the decision to turn the community into luxury townhome rentals.  “Keeping the community intact and turning the townhomes into rentals was a choice that was largely dictated by the declining conditions of the for-sale market in 2007.  Nonetheless, the North Tempe rental market has accelerated a great deal since the property was built as average rents have increased nearly 35%.  The Developer was able to capitalize on this and ultimately sell Dolce Villagio at a price similar to other complete Class ‘A’ luxury apartment community transactions in the Tempe area.” according to Eddie Chang, Partner at ABI Multifamily.

 

The purchase is the second transaction in recent months brokered by ABI Multifamily on behalf of the Buyer, Western Wealth Capital, based out of Vancouver, Canada.  “The Buyer was attracted to several components of the deal, including the opportunity to raise rents through renovations, the possible exit strategy of selling-off individual townhomes, and the many recent large-scale development projects in the immediate surrounding area.” stated Doug Lazovick, partner at ABI Multifamily.

 

Dolce Villagio was constructed with high-end townhome grade finishes, including granite countertops, stainless steel appliances, marble showers (in the master baths), tiled floors and washers/dryers.  Each unit is a walk-up three story townhome with a direct access 2 car garage and a large average unit size of over 1,400 square feet. The property consists of 19 Two Bedroom and 18 Three Bedroom unit types, of which all include a private enclosed backyard, as well as a bonus room.

 

The property is located just west of the Mill Avenue District and Arizona State University in Tempe, Arizona.  The immediate area has seen major economic and infrastructure capital injections recently, most notably Marina Heights, Liberty Center at Rio Salado and the Phoenix Metro Light Rail.  The five-building, 20 acre Marina Heights is the largest single development in Arizona history.  Upon build-out, the $600 million State-Farm Campus will have 2 million square feet of mixed-use development and host up to 8,000 new jobs.  The Liberty Center at Rio Salado is planned for over 1,000,000 square feet of high-performance office, flex and industrial space and will be the home of DriveTime Automotive Group’s corporate headquarters.  Metro Light Rail – with costs of approximately $1.4 billion for the initial 20 mile track – maintains a station less than a mile from Dolce Villagio, providing residents with easy access to the entire Phoenix Valley.

 

The Phoenix based ABI Multifamily brokerage team of John Kobierowski, Alon Shnitzer, Rue Bax, Doug Lazovick, Eddie Chang, Terry Kass and Mark Skelpsa facilitated the transaction.

 

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.

 

Spring Training Stadium Guide

Angels Spring Training Trolley returns to Mill Avenue

Park for Free, Ride for Free from Downtown Tempe to Angels Spring Training

The Mill Avenue District is proud to announce the return of the Angels Spring Training Trolley, a free and fun ride connecting Downtown Tempe to all Angels home games at Diablo Stadium.

Beginning tomorrow, February 23 and continuing through March 27 (on home game days), two Spring Training Trollies will circulate between the Mill Avenue District and Tempe Diablo Stadium with pick-ups every 20 minutes.

Trolley service will begin 2 hours before game time and conclude 30 minutes after the game ends.

Fans can board the trolley at the Mill Avenue Trolley Stop located on the northwest corner of Mill Avenue and 5th Street (in front of Lotions & Potions). The trolley will deliver riders to the Tempe Diablo Stadium Stop located less than one block south of the ballpark’s main entrance.

Riders can park for free at several of Downtown Tempe Park-iT locations including:

  • City Hall Garage (5th Street, just east of City Hall)
  • Centerpoint Surface Lot (5th Street and Maple Avenue)
  • Hayden Station Garage (enter either 3rd Street, just west of Mill or Maple Avenue ,north of 5th Street)

All parking locations are conveniently located within walking distance of the trolley stop and Mill Avenue District amenities. Parking validations will be provided on the trolley.

The Mill Avenue Light Rail Station is also within two blocks of the trolley stop, giving another easy method of transportation for fans.

The Mill Avenue District in Downtown Tempe offers over 100 restaurants, bars, retail shops, and entertainment options within the Valley’s only true walkable urban district. Baseball fans are invited to continue the pre- and post-game fun by experiencing all that Downtown Tempe has to offer.

Detailed Spring Training Trolley information, full parking details and maps, and a complete schedule of games can be found at www.millavenue.com/angels.

 

Allstate Tempe Gateway

Allstate Leases 66,000 SF In Tempe Gateway Building

Allstate Insurance Company has signed a lease as a new office tenant in the Tempe Gateway building in the Mill Avenue District, Vulcan Real Estate announced today.

Allstate’s lease is for 66,000 SF of office space, making it one of the largest leases signed in the market this year. Allstate is expected to open their new Tempe offices in September 2012.

The eight-story, 260,000 SF Tempe Gateway building will provide Allstate with a prime location and modern amenities. Tempe Gateway was purchased by Vulcan Real Estate in June 2010 as the company’s first investment outside the Seattle market. The building’s location provides easy access for people from all over the Greater Phoenix Metropolitan Area with close proximity to major freeways and a light rail stop adjacent to the property.

“We are really pleased to welcome Allstate as our newest tenant and we expect their staff will find the location ideal, with easy access to transportation, shopping, and a great local community,” said Robert S. Arron, senior director of real estate marketing and leasing at Vulcan Inc.

Allstate’s new lease brings occupancy at Tempe Gateway up to 64%, further highlighting the growing strength of the office real estate market in the Tempe-Phoenix region.

Other downtown Tempe buildings are also faring well.

  • Hayden Ferry Lakeside is at 94% occupancy;
  • Papago Gateway Center is approximately 80% leased;
  • Centerpoint on Mill has converted existing second floor retail into office space to take advantage of the market;
  • Tempe’s vacancy rate for business space is lower than neighboring cities Phoenix and Chandler;
  • Mill Avenue has added 48 new retail businesses since 2009 that are open and thriving – the vacancy rate has gone from 32.4% in April 2009 to about 20.5%.

“We’d like to say that Allstate is in good hands here in Tempe,”  Mayor Hugh Hallman said. “We welcome them to our community and look forward to their presence here.”

Allstate will join current Tempe Gateway tenants Limelight Networks (a 2012 RED Award winner), Parsons and Waste Management, who occupy a combined 100,000 SF. Trisports.com, a longtime retailer of triathlon, swimming, biking, and running gear, has also leased space at Tempe Gateway for their newest retail location, and will open their doors in June, 2012. Vulcan is in discussions with several other prospective tenants to lease the remaining office and retail space currently available in the building.

Jerry Roberts of CB Richard Ellis represented Vulcan Real Estate in the lease transaction, and Michael Cummings, Phil Breidenbach and Lindsey Carlson of Colliers International represented Allstate.

Tempe Festival of the Arts

Tempe Festival Of The Arts

On March 30th, 2012, the popular Tempe Festival of the Arts will return to the Mill Avenue District.

A bi-annual event, the festival typically draws in more than 225,000 visitors over a three-day period. The Tempe Festival of the Arts, which is considered to be one of the top art festivals in the country, is famous for attracting an abundance of talented artists from across the nation.

In addition to selling their works, some of the top artists compete in judging competitions in categories such as metalwork, glass, leather, painting, photography, sculpture, woodwork and even wearable art. More than 400 artists will be selling their works at the festival this year.

The Tempe Festival of the Arts will also feature plenty of activities for attendees of all ages. Adults can check out the exhibits for the Arizona Wine Festival and the Art of Beer microbrewery, both of which will offer free samples and sales. Families will be able to make their own arts and crafts at the Kids Innovation Station.

Numerous entertainment acts will perform throughout the weekend, including Traveler, Chicks with Picks, and Jazz Alive. Hungry visitors will be able to buy snacks, such as kettle corn or caramel apples, from street vendors, or grab a meal at one of the many restaurants located on the Mill Avenue District.

The spring Tempe Festival of the Arts will be held from March 30th to April 1st. Admission is free, and dogs are welcome, provided they are well-behaved and on a leash. During the festival, Mill Avenue will be closed between University Drive and 3rd Street.

[stextbox id=”alert” bwidth=”1″ bcolor=”000000″ bgcolor=”eaeaea” image=”null”]For information about transportation and parking, please click here. A portion of the proceeds will go to support local Tempe charities.[/stextbox]

2011 Tempe Festival of the Arts

Taking Frames At The 2011 Tempe Festival Of The Arts

Taking Frames At The 2011 Tempe Festival Of The Arts

Colors, shapes, big and small, perfect weather on a beautiful day — I couldn’t ask for much more! Once again I found myself on Mill Avenue in downtown Tempe, Ariz.

This time however, I was not there for dancing, food or drinks. I was there for the 2011 Tempe Festival of the Arts, which was held Dec. 2-4.

The entire main strip of Mill Avenue was packed with tents that were filled with all sorts of artists and their work. With items ranging from photography to sculpture, and cellphones to clothing, there was something for everyone!

The majority of the tents were lined up in the middle of the street facing the sidewalk. Some artists stayed diligently in their space with their work close by, while others roamed around talking to fellow art enthusiasts setting up their work in the immediate area.

I was taken back by the almost overwhelming amount of objects in all shapes, colors and sizes. It was a feast for the eyes, and I wanted to stop and look at everything. Every step I took, a new discovery was in my line of sight.

I enjoyed the contrast of seeing all of the small white tents that would only be there for a few days, surrounded by the buildings of Mill Avenue that have been standing for many years.

I was happy to see that local artists were getting a chance to showcase and sell their work away from all of the warehouse retail stores. This little stretch of culture lent itself perfectly to the festival, almost as if this was how Mill Ave. was meant to be.

Spirits were high as a never ending surge of art supporters made their way from one end of the festival to the other, keeping their heads on a swivel for anything that might catch their eye.

Check out these photos from the 2011 Tempe Festival of the Arts:

[slickr-flickr tag=”Tempe-Festival-Arts” items=”15″ type=”sets” id=”68507495@N04″]

[stextbox id=”info”]For more information about the Tempe Festival of the Arts visit tempefestivalofthearts.com.[/stextbox]