Tempe Parcels Totalling 5.3 Acres Trades for $3.2M future Alamo Drafthouse, Retail

Press Release (ePRNews.com) - TEMPE, Ariz. - Jun 22, 2017 - Three commercial land parcels that total 5.3 acres just east of the northeast intersection of Rural and Baseline roads, has sold for $3,200,000. Price per SF was calculated at $13.91 per SF.

The property will be developed featuring two retail components; Alamo Drafthouse, a movie theater and dining concept with another location in Chandler and a retail development dubbed, The Collective, a center featuring shopping and restaurants being developed by LGE Design Build and DBM Ventures.

Lee & Associates Bob Kling represented the buyer Lake Country Retail Partners of Tempe. Greg Valladao of Cushman & Wakefield represented the Seller, LVC Property, Inc., Tempe.

“This sale represents an exceptional opportunity for Alamo Drafthouse to be in a sought-after location which has limited land parcels for development and for the team at LGE Design Build. They are on the cutting edge of some of the top retail destinations in the Valley,” said Kling.

For more information:

BOB KLING | PRINCIPAL
602.954-3751; bkling@leearizona.com

About Us:

Now in our 26th year, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, retail, investment, multifamily, and land sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state.

Each of our North American Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

http://www.lee-associates.com

Source : Lee & Associates
Business Info :
Lee & Associates Arizona

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CATEGORIES : Real Estate
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