CorePower Yoga Replaces Old Print Shop on Mill Avenue

Article originally posted on AZ Big Media on September 25, 2015

Originally Posted on on Sep 25, 2015

ORION Investment Real Estate has announced the sale of a single-tenant retail building for $1,200,000, or $371.75/SF. The property is located in the heart of bustling Tempe on renowned Mill Avenue, just south of University Drive. The free-standing building is well-situated, located adjacent to Arizona State University’s Main Campus, and a short drive from the Phoenix Zoo, Desert Botanical Gardens, local hot-spot’s Tempe Marketplace, and the Salt River.

Nick Miner, CCIM, Vice President at ORION Investment Real Estate, says, “This was a win-win situation for both the Buyer and Seller. The Seller was able to achieve a great sales price, while the Buyer was able to release the property and achieve a great return.” Miner further explains, “This property was the beta property for the City of Tempe’s new Adaptive Reuse Program. This Program allows for a faster approval process when a commercial property meets certain criteria for redevelopment.”

The property was sold by DM&J Enterprises, LLC, the original owner/developer, and purchased by Simon CRE. It was originally built for Domenic’s 2 Wheelers, but they shuttered during the economic downturn. It was then leased to a print shop; the print shop did not renew their lease and the property was marketed for sale. The Buyer was able to secure a new tenant, CorePower Yoga, while in escrow. The property was 100% vacant at time of sale with the pending new lease.