Cushman & Wakefield announced today that Core Campus Investment Partners, LLC purchased ±0.75 acres at the southeast corner of 7th Street and Mill Avenue, as well as the southwest corner of 7th Street and Myrtle in Tempe, Arizona for $8.4 million.
Cliff Johnston and Brian Rosella of Cushman & Wakefield represented the seller, 2015 Mill & Myrtle, LLC.
“This sale was the highest (per square foot) sales price for any piece of land in Arizona over the last 10 years. As a vibrant urban area, demand for land in Tempe has been unprecedented but this closing has set a new benchmark for pricing in the state,” according to Rosella.
Core Campus intends to develop a high-rise apartment project at the 7th Street and Myrtle location and are still determining plans for the 7th Street and Mill Avenue site. Core Campus developed the 19-story, LEED Certified Hub On Campus in 2013 featuring 269-units (637 beds). The Hub On Campus is located just south of ASU Sun Devil Stadium at 323 East Veterans Way.