Mixed-use projects change hands in Tempe, Scottsdale

Mixed-use projects change hands in Tempe, Scottsdale

Article Originally Posted On Phoenix Business Journal On June 18, 2021

A Canada-based investor has bought 425 S. Mill Avenue, a mixed-use development including office and retail, for $16.7 million from Wexford Developments, the New York-based real estate firm that owns several buildings in downtown Tempe.

Vancouver-based Nicola Wealth Real Estate bought the 22,209-square-foot building, which is fully leased. Tenants include live events ticketing platform Elevate Tickets, Comerica Bank and Kung Fu Tea.

Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield brokered the transaction.

“425 South Mill is a spectacular property offering office tenants high-design creative office buildouts, large outdoor balconies, and vibrant city and mountain views,” Lindley said in a statement. “The five street-level retail tenants benefit from high visibility and traffic from area residents, ASU students, and office employees.”

Nicola Wealth Real Estate is also a joint venture partner on two industrial projects in the Valley with Hopewell Development, and is building industrial projects in Chandler and in the Deer Valley area of Phoenix.

LA investor buys in Scottsdale

In Scottsdale, Wichterman and Coover also brokered the sale of Chauncey Lane Marketplace, a mixed-use retail and office property located at Scottsdale Road south of Loop 101. The building totals 34,963 square feet.

Los Angeles-based Ronal bought the building for $17.4 million from Chauncey Retail Partners, which is an entity related to the developer of the building, Phoenix-based Creation. Creation, which built the project in 2019, is a development and alternative investment firm led by David Sellers and Bob Agahi, and local investors, Mike and Bret Anderson.

“The project offers a great flagship location for retailers coupled with best-in-class office space that is well positioned in a powerhouse Scottsdale Airpark trade area,” Coover said in a statement. “Additionally, the property is surrounded by major upscale neighborhoods as well as tourism, sports and entertainment attractions.”