{"id":1004140260,"date":"2016-03-28T04:52:59","date_gmt":"2016-03-28T12:52:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140260"},"modified":"2022-12-09T02:55:48","modified_gmt":"2022-12-09T10:55:48","slug":"tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/","title":{"rendered":"Tempe Retail Buildings Provide Urban Infill Opportunity to New Owner"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Phoenix<\/strong>\u2013Two retail properties<\/a> in downtown Tempe were recently sold by a Beverly Hills-based investor. The transaction was arranged by a National Retail Investment Group \u2013 West team led by CBRE Executive Vice President Phillip D. Voorhees, Vice President Brad Rable and Senior Associate Chris Marchildon on behalf of seller Starpoint Properties. A private investor from San Francisco acquired the properties as part of a 1031 tax deferred exchange. The combined sales price claimed by the two retail properties was $13.8 million.<\/p>\n

\"420<\/a>

420 S. Mill Ave.<\/p><\/div>\n

Located at 420 and 501 S. Mill Ave., the two buildings offer a total of 39,979 square feet of retail space. The two assets had an average vacancy rate of 21 percent at the time of sale. The building at 420 S. Mill Ave. is home to the Gordon Biersch brewery, as well as a Starbucks and a Spinelli\u2019s Pizza. The area\u2019s known as a significant retail center in the Phoenix metro<\/a> and offers great proximity to the country\u2019s largest public university.<\/p>\n

According to the team behind the marketing effort, the prospect of repositioning an urban infill asset such as the two properties generated strong competition. This transaction marks CBRE\u2019s NRIG-West team\u2019s 179th<\/sup> transaction in four years, with a total volume of $3.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

A San Francisco-based private investor paid nearly $14 million for two retail properties in downtown Tempe. <\/p>\n","protected":false},"author":237,"featured_media":1004140262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,1601,21749],"tags":[],"class_list":["post-1004140260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-phoenix","category-retail"],"acf":[],"yoast_head":"\nTempe Retail Buildings Provide Urban Infill Opportunity to New Owner - 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\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tempe Retail Buildings Provide Urban Infill Opportunity to New Owner\" \/>\n<meta property=\"og:description\" content=\"A San Francisco-based private investor paid nearly $14 million for two retail properties in downtown Tempe.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-28T12:52:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:55:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/420-S.-Mill-Ave..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"996\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/\",\"name\":\"Tempe Retail Buildings Provide Urban Infill Opportunity to New Owner - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/420-S.-Mill-Ave..jpg\",\"datePublished\":\"2016-03-28T12:52:59+00:00\",\"dateModified\":\"2022-12-09T10:55:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tempe-retail-buildings-provide-urban-infill-opportunity-to-new-owner\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/420-S.-Mill-Ave..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/420-S.-Mill-Ave..jpg\",\"width\":1500,\"height\":996,\"caption\":\"420 S. 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