Business Real Estate Weekly by Rose Law Group
Tempe – GoDaddy.com founder Bob Parsons has added to his collection of trophy properties located along Mill Avenue near Arizona State University in downtown Tempe. In the past eight months, companies formed by Parsons have invested $70.1 million to buy 256,272 sq. ft. of office and retail buildings located along the popular Mill Avenue on the western edge of the ASU campus. In a sale that recorded on Thursday, Mill Avenue Office LLC (Parsons’ entity) paid $26.5 million ($246.49 per foot) to purchase 107,508 sq. ft. of office and retail space. The five-building complex, called Hayden Station, is at the southwest corner of Mill Avenue and 3rd Street. The seller was Holualoa Hayden Square LLC, an entity formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, pres.). The transaction was negotiated through Cassidy Turley in Phoenix. The agents involved in the deal include Steve Lindley, Bob Buckley, Tracy Cartledge, Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee. The project, which was developed in 1986, is just under 98 percent occupied. Ten years ago, BREW reported the Holualoa company paying $16.6 million ($154.41 per foot) to buy the project, which was then known as Hayden Square. Here is a description and address of each structure: 2-story, 9,548 sq. ft. at 310 S. Mill Avenue, 2-story, 9,544 sq. ft. at 350 S. Mill Avenue, 2-story, 5,642 sq. ft. at 404 S. Mill Avenue, 2-story, 8,467 sq. ft. at 410 S. Mill Avenue and 5-story, 74,307 sq. ft. at 51 W. 3rd Street. Continued
View Larger Map
As reported in:
