Capstone Advisors Acquires Retail Properties In Tempe For $22.2M

The two fully occupied high-street retail properties located at 420 and 501 South Mill Avenue in Tempe have been sold for a total of $22,200,000. The transaction was finalized by JLL Capital Markets on behalf of buyer Capstone Advisors. The properties span a total area of 38,896 square feet, resulting in a price per square foot of $571. The sale aligns with the City of Tempe's $22 million streetscape improvement plan for Mill Avenue, which aims to enhance the visibility and attractiveness of the assets in the market.

Summary of transation details

• Property Type: Retail
• Sale Price: $22,200,000
• Square Footage: 38,896
• Price Per Square Foot: $571

The deal was facilitated by brokers Daniel Digerness, Frank Choumas, Patrick Dempsey, and Quin Madden from JLL. They represented Capstone Advisors in the transaction, showcasing their expertise and contribution to the successful sale of the properties.