A very rare opportunity to purchase recently presented itself in Downtown Tempe. The retail redevelopment at Arizona State University sold through bankruptcy court for $890,000, or $327 per square foot.
Located on the southwest corner of University Drive and Wilson Street, the vacant retail sits adjacent to Arizona’s first Whole Foods Market 365. Downtown Tempe will get its first new grocery store in more than a decade, which broke ground in mid-July 2017. The 365 version at The Local, the nine-story high-rise that sits adjacent from the recently sold redevelopment opportunity, will be a more streamlined design and have more budget-friendly options than a typical Whole Foods store. Andrew Harrison, Senior Vice President of ORION Investment Real Estate, represented the Buyer in the sale.