CBRE has negotiated the sale of a ±1.86-acre land parcel at the northwest corner of University Drive and Ash Avenue in Tempe, Ariz. The property, which commanded a sale price of $6.1 million, is the planned site for a mixed-use development that will include a popular grocer as well as multi-family residential.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, in conjunction with CBRE’s National Loan Sale Advisory Group, represented the seller, Brookfield Asset Management of Toronto, Ontario, Canada. The buyer was Alberta Development Partners, based in Greenwood Village, Colo. The company specializes in the acquisition, development and investment of retail and residential real estate opportunities throughout the Western United States. Alberta Development Partners negotiated the sale on their own behalf.
“We are extremely pleased to have acquired the signature corner in the dynamic Mill Avenue District,” said Don Provost, principal of Alberta Development Partners. “We look forward to partnering with the city and the community in the development of this property.”
“The property at University and Ash is one of the single most sought-after vacant land parcels in the metro area,” said CBRE’s Gabel. “The site’s downtown Tempe location, adjacency to Arizona State University, current entitlements and frontage along both University Drive and Ash Avenue make it an ideal location for future development.”
Tempe continues to be one of the most active and healthy markets in the metropolitan Phoenix area, moreover downtown Tempe continues to exceed industry market conditions. It’s no surprise that investors are flocking to the submarket and its amenity rich environment.
Located in the core of a major employment hub with more than 200,000 jobs in a five mile radius, the land parcel at University and Ash benefits from its location adjacent to Centerpoint on Mill – a premier mixed-use development at the northwest corner of University and Mill, its inclusion as part of the Mill Avenue District and its proximity to Arizona State University.