Phoenix, AZ – January 19th, 2024 – Capstone Advisors recently closed on two acquisitions in deals totaling $28 mil. One of the properties is an urban core retail and entertainment property in Tempe while the other is a flex industrial building in Phoenix.
The retail and entertainment property, located at 420 and 501 S. Mill Ave, in the heart of Tempe’s Mill Avenue District near Arizona State University, was purchased for $22.2 mil. It consists of two buildings totaling 38.9k sf ($571/sf) of space. A popular nightlife hub in the metropolitan Phoenix area, the two buildings were fully occupied at the time of sale by retail, entertainment and dining tenants, including – Starbucks, Spinelli’s Pizza, Lotions & Potions, Bang Bang, Crispy Cones, Varsity Tavern, Rodeo Ranch and Low Key Piano Bar.
“These two iconic buildings are located at the most dynamic intersection of the booming Tempe downtown market. The intersection of 5th Ave and Mill Ave. has the highest pedestrian traffic in the city of Phoenix, and the entire area is in the midst of outstanding residential high-rise growth” said Alex Zikakis, president of Capstone Advisors. Read the Full Release.