Phoenix, AZ – January 18th, 2024 – California-based real estate firm Capstone Advisors announced Jan. 18 it has acquired a 38,896-square-foot retail and entertainment property in Tempe’s Mill Avenue District for $22.2 million. 

The Tempe property, composed of two buildings at 420 and 501 S. Mill Ave., was already occupied at the time of sale, touting many retail, entertainment and dining tenants including Spinelli’s Pizza, Varsity Tavern and Low Key Piano Bar, a press release explained. “These two iconic buildings are located at the most dynamic intersection of the booming Tempe downtown market. The intersection of Fifth Avenue and Mill Avenue has the highest pedestrian traffic in the city of Phoenix, and the entire area is in the midst of outstanding residential high-rise growth” Alex Zikakis, president of Capstone Advisors, stated in the release. Zikakis added this acquisition can be summed up as “generational real estate.” Read the Full Release.