ORION Investment Real Estate has announced the sale of a single-tenant retail building for $1,200,000, or $371.75/SF. The property is located in the heart of bustling Tempe on renowned Mill Avenue, just south of University Drive. The free-standing building is well-situated, located adjacent to Arizona State University’s Main Campus, and a short drive from the Phoenix Zoo, Desert Botanical Gardens, local hot-spot’s Tempe Marketplace, and the Salt River.
Nick Miner, CCIM, Vice President at ORION Investment Real Estate, says, “This was a win-win situation for both the Buyer and Seller. The Seller was able to achieve a great sales price, while the Buyer was able to release the property and achieve a great return.” Miner further explains, “This property was the beta property for the City of Tempe’s new Adaptive Reuse Program. This Program allows for a faster approval process when a commercial property meets certain criteria for redevelopment.”
The property was sold by DM&J Enterprises, LLC, the original owner/developer, and purchased by Simon CRE. It was originally built for Domenic’s 2 Wheelers, but they shuttered during the economic downturn. It was then leased to a print shop; the print shop did not renew their lease and the property was marketed for sale. The Buyer was able to secure a new tenant, CorePower Yoga, while in escrow. The property was 100% vacant at time of sale with the pending new lease.