{"id":1004084696,"date":"2013-10-04T10:51:58","date_gmt":"2013-10-04T18:51:58","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=192829"},"modified":"2022-03-04T08:51:04","modified_gmt":"2022-03-04T16:51:04","slug":"dmb-sells-tempes-centerpoint-on-mill-for-38m-wood-partners-to-build-luxury-m-f-complex-in-scottsdale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dmb-sells-tempes-centerpoint-on-mill-for-38m-wood-partners-to-build-luxury-m-f-complex-in-scottsdale\/","title":{"rendered":"DMB Sells Tempe\u2019s Centerpoint on Mill for $38M; Wood Partners to Build Luxury M-F Complex in Scottsdale"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/em><\/p>\n

In a $38.4 million deal, Scottsdale-based DMB, Inc. sold Centerpoint on Mill, a 127,027 square-foot mixed-use property in the downtown Tempe, to Mill Avenue Retail L.L.C. of Scottsdale.<\/p>\n

Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham with(photo here)\u00a0\"\"<\/a>CBRE Group Inc.\u2019s Phoenix office negotiated the sale on behalf of DMB. Mill Avenue Retail L.L.C. represented itself.<\/p>\n

The upscale office-retail development is located on a 22-acre tract at the northwest corner of Mill Avenue and University Drive, near Arizona State University, the Mill Avenue District and METRO light rail station.<\/p>\n

Overall, Centerpoint on Mill was 87% leased at closing and its office space was 100% leased. AMC Theatres, Lincoln Strategy Group and One Energy will soon join a tenant roster that includes Churchill\u2019s Fine Cigars, Devil\u2019s Diner, Fat Tuesday, and Five Guys. Parking rights to approximately 720 parking spaces were also included in the deal.<\/p>\n

Launched in partnership with the City of Tempe almost three decades ago, Centerpoint on Mill was DMB\u2019s first large-scale mixed use development. Over the years, the property served as a catalyst for new development, attracting businesses, entertainment, national office and retail users to Mill Avenue.<\/p>\n

Tempe is currently one of metropolitan Phoenix\u2019s strongest submarkets, with a 5.1 percent Class A office vacancy rate, well below the metro average of 18 percent, according to CBRE.<\/p>\n

In multi-family development news, Wood Partners plans to break ground in December on Alta Scottsdale, a $38 million, 218-unit luxury apartment project.<\/p>\n

Designed by Dallas-based Womack+Hampton Architects L.L.C., the 190,000-square-foot rental community will be situated on a 6.5 acre pad one mile from downtown Scottsdale. The development will consist of two four-story Italianate buildings offering 140 one-bedroom units, 76 two-bedroom units and two three-bedroom apartments. Units will feature granite countertops, stainless steel appliances, vinyl plank flooring and many locally sourced materials. Community amenities will include a club room and bar area, a fitness center and a Frank Lloyd Wright-inspired pool area.<\/p>\n

Completion is set for summer 2015. Pre-leasing is expected to start in November 2014, with rents about 30 percent lower than typical high-end apartments in the local market. Wood Partners will serve as its own general contractor.<\/p>\n

 <\/p>\n

Photo credits: Centerpoint on Mill official website<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a $38.35 million deal, Scottsdale-based DMB, Inc. sold Centerpoint on Mill, a 127,027 square-foot commercial property in the heart of downtown Tempe,<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[39459],"class_list":["post-1004084696","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix","tag-phoenix"],"acf":[],"yoast_head":"\nDMB Sells Tempe\u2019s Centerpoint on Mill for $38M; Wood Partners to Build Luxury M-F Complex in Scottsdale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dmb-sells-tempes-centerpoint-on-mill-for-38m-wood-partners-to-build-luxury-m-f-complex-in-scottsdale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DMB Sells Tempe\u2019s Centerpoint on Mill for $38M; 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