Phoenix, AZ – January 21st, 2024 – JLL Capital Markets announced today that it closed the $22.2 million sale and financing of two properties — 420 and 501 South Mill Avenue located in Tempe. JLL represented the seller and procured the buyer, Capstone Advisors.
Built in 1998, the two properties total 38,896 square feet combined and consist of 100-percent-occupied high-street retail. Located on the northwest and southeast corners of Mill Avenue and 5th Street in the heart of the Mill Avenue Corridor, these iconic properties benefit from the over 70,000 students attending the nearby main campus of Arizona State University, as well as the thousands of annual visitors drawn by live sporting and entertainment events taking place in downtown Tempe each year. Read the Full Release.