Tempe – In continuing to build a portfolio of real estate properties in the Phoenix area, a company formed by GoDaddy.com founder Bob Parsons paid $38.35 million ($301.90 per foot) to acquire the 127,027-square-foot Centerpoint on Mill retail-office project in Tempe. The 6.19-acre development is located along the west side of Mill Avenue and north of University Drive. Maricopa County records show Mill Avenue Retail LLC (Parson’s company) paid cash for the property. The seller was Centerpoint Holdings LLC, a company formed by DMB Associates Inc. in Scottsdale (, pres.). The deal was brokered through Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE in Phoenix. The project, which was developed by DMB from 1988 to 1997, is 87 percent occupied. The plaza, which includes about 20,000 sq. ft of office space, is anchored by a 37,645-square-foot cinema that will be occupied by AMC Theaters. There are a host of restaurants, including P.F. Chang’s China Bistro. The purchase included rights to 720 parking spaces. The highly successful Centerpoint project was developed by DMB starting in the late 1980’s. The 22-acre mixed-use development is comprised of office, retail, hotel and residential uses. Continue reading
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