Bob Parsons Entity Acquires Infill M-U Property in Tempe for $26.5M
- May 24, 2014
Mill Avenue Office L.L.C., an entity owned by GoDaddy founder Bob Parsons, has acquired Hayden Station, a 107,508-square-foot office and retail development in Tempe, for $26.5 million (or $246.49 per square foot). The seller was Holualoa Cos. of Tucson.
Bob Buckley, Tracy Cartledge and Steve Lindley, all senior managing directors with Cassidy Turley’s capital markets group, joined Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee of the firm’s office and retail team in arranging the transaction for the buyer and seller.
“Urban infill properties in true walkable, 24/7 locations are generating exceptional investor interest,” said Lindley. “We were able to take advantage of this interest with Hayden Station’s Mill Avenue address in downtown Tempe right at the light rail station.”
Formerly known as Hayden Square, the property is located on the southwest corner of Mill Avenue and 3rd Street, near a variety of shopping and dining destinations as well as Arizona State University. It comprises five buildings: 310, 350, 404 and 410 S. Mill Avenue and 51 W. 3rd Street. The four Mill Avenue buildings range in size from 5,642 to 9,548 square feet. The 3rd Street building is a five-story, 74,307 square-foot multi-tenant office building with views of Tempe Town Lake.
The project was 97 percent leased at the time of the sale to such tenants as The Tavern on Mill, Pop Health Man, Logan Simpson Design, NCounter, Mojo Yogurt, Moonshine Whiskey Bar and Downtown Tempe Community, Inc. “Hayden Station has had a history of maintaining high occupancy, even during the recent downturn,” observed Stan Shafer, COO of Holualoa Cos.
According to Cassidy Turley, Downtown Tempe is one of the Phoenix metro’s strongest office markets. During the first quarter, the Tempe North submarket recorded the lowest overall vacancy in the Valley at 8.4 percent.
The acquisition brings Parsons’holdings in metro Phoenix to more than 760,000 square feet. The firm’s local properties include Centerpoint on Mill, Tempe Town Center, Arrowhead Professional Center, Il Palazzo Center, Citadelle Center, The Shoppes at Legacy House, Grayhawk Plaza and McDowell Mountain Marketplace.
Image courtesy of YAM Properties via PRWeb