TEMPE, ARIZ. — Mill Avenue Retail LLC has purchased Centerpoint on Mill, a 127,027-square-foot, mixed-use property in Tempe, for $38 million. The project is located at the northwest corner of Mill Avenue and University Drive.
The property was 87 percent leased overall at the time of sale. The office portion was fully leased. Notable tenants include Churchill's Fine Cigars, Devil's Diner, Fat Tuesday, Five Guys, Great Clips, The Handlebar Tempe, Jimmy John’s, Mellow Mushroom, P.F. Chang’s China Bistro, Pita Pit, Poppa Maize, Rita's Italian Ice, Robbie Fox's Public House and Sitewire. They will soon be joined by AMC Theatres, Zipps Sports Grill, El Hefe, Hot N Juicy Crawfish, Lincoln Strategy Group and One Energy.
Mill Avenue represented itself in this transaction, while the seller, DMB, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office.