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Originally Posted by PHXFlyer11
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Two real estate development companies have partnered to buy a major Tempe mixed-use project for $60 million.
Wexford Developments and Argosy Real Estate Partners bought Centerpoint on Mill near the northwest corner of Mill Avenue and University Drive from GoDaddy founder Bob Parsons-owned YAM Properties, according to real estate database Vizzda.
The five-building complex has 126,000 square feet total, with 37,000 square feet dedicated to an AMC movie theater, 68,000 square feet for retail and restaurants, and 21,000 square feet for office space,said Sam Gordon, principal of New York City-based Wexford Developments.
Gordon told the Business Journal that Wexford has no immediate plans for any major changes to the site, aside from improving the physical appearance of the center for now.
“It’s important we evolve the center both with tenant mix and physical appearance,” Gordon said.
The complex is fully leased, but as some leases expire and tenants choose to move elsewhere, the company will work to create a diverse tenant mix that appeals to the growing diversity of Mill Avenue, which has become popular for young professionals and will be home to senior citizens when ASU’s Mirabella housing project opens.
“We believe that CenterPoint's prime location in the heart of downtown Tempe will benefit not only from the expansion of Arizona State University, but also from the growth of the Phoenix metro area in general due to its favorable business environment," said Rick Frimine, principal at Argosy Real Estate Partners, in a statement.
Wexford Developments has been active in the downtown Tempe market, which Gordon said has been the perfect place to align with the company’s values.
“Tempe used to be known as the place where ASU is,” Gordon said. “To watch the city grow to where major companies want to bring their offices and where senior citizens want to live is exciting. Tempe will continue to evolve into something special.”
Wexford plans to break ground early next year on its sustainability-focused office building called First and Farmer, a project that will include 120,000 square feet of office space with some ground-floor retail in a four-story building east of Mill on Farmer Avenue.
The company also is a co-developer of the Westin by Marriott in Tempe, which is under construction and expected to open in second-quarter 2021.
“Our commitment is not just a financial and real estate one,” Gordon said. “We want to own and we want to build assets that, of course work for ourselves, but also benefit and are appropriate for the ever-changing Tempe community.”
What's more, Gordon said Wexford plans to open a Tempe office soon. The company has offices in New York City, Florida and Calgary,
They are just purchasing it, its a well functioning property so no reason to tear it up, Im sure the interiors need some updating especially the office portion.
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