CBRE completed the sale of a free-standing retail property located at 111 W. University Dr., the former location of Ehrhardt’s Schwinn Bikes.

The 3,288 square-foot retail property is situated on approximately 14,117 square-feet of land and the property sold for $1.7 million ($517 per square foot). The new owners plan to turn the retail space into a breakfast destination.

Andrew Fosberg, Max Bippus, and Bert Kempfert with CBRE’s Phoenix office represented Ehrhardt Investment Properties, LLC, the seller. Greg Saltz with GPS Retail, LLC represented the Scottsdale-based buyer, SimonCRE Alpha, LLC.

“The Property is located just west of Mill Avenue on University Drive in Downtown Tempe. Ehrhardt Bike Shop occupied the Property for 30 years,” Said Fosberg. “It will be exciting to see SimonCRE’s new use for the building, building on their momentum in Downtown Tempe.”