Mixed-Use

Nicola Wealth Acquires Class A MXU Asset in Tempe, AZ for $16.7M

Asset located in one of Western US’s most iconic, walkable, transit-oriented downtown urban centers

Cushman & Wakefield announced the firm has brokered the sale of a Class A mixed-use office property in downtown Tempe, Arizona. Located at 425 South Mill Ave, the 22,209-square-foot asset is 100% leased and sold for $16.7 million. Half of the property is occupied by a world-class office tenant that is part of global-leading sports and live entertainment company. In addition to two other high-quality office tenants, the property has quality street-engaged retail, anchored by a major financial services/banking company.

Vancouver, BC-headquartered Nicola Wealth Real Estate acquired the property from Wexford Developments. Cushman & Wakefield’s Steve Lindley, Eric Wichterman and Mike Coover brokered the transaction.

“425 South Mill is a spectacular property offering office tenants high-design creative office buildouts, large outdoor balconies, and vibrant city and mountain views,” said Steve Lindley, Executive Director. “The five street-level retail tenants benefit from high visibility and traffic from area residents, ASU students, and office employees.”

Lindley continued, “Mill Avenue in Tempe one of the only truly walkable 24/7 urban infill environments in Arizona, and 425 South Mill is at the epicenter for this market – the immediate corner of Mill Avenue and 5th Street.”

The multi-story property consists of three levels of office over ground floor retail. Tenants benefit from a variety of transit options, within a few minutes walking to Valley Metro Light Rail and a station for the new Tempe Streetcar scheduled to open in 2021.