GO DADDY FOUNDER GOES BIGGER ON MILL AVENUE . . . $26.5 MILLION FOR OFFICE-RETAIL PROJECT
Tempe - GoDaddy.com founder Bob Parsons has added to his collection of trophy properties located along Mill Avenue near Arizona State University in downtown Tempe. In the past eight months, companies formed by Parsons have invested $70.1 million to buy 256,272 sq. ft. of office and retail buildings located along the popular Mill Avenue on the western edge of the ASU campus. In a sale that recorded on Thursday, Mill Avenue Office LLC (Parsons’ entity) paid $26.5 million ($246.49 per foot) to purchase 107,508 sq. ft. of office and retail space. The five-building complex, called Hayden Station, is at the southwest corner of Mill Avenue and 3rd Street. The seller was Holualoa Hayden Square LLC, an entity formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, pres.). The transaction was negotiated through Cassidy Turley in Phoenix. The agents involved in the deal include Steve Lindley, Bob Buckley, Tracy Cartledge, Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee. The project, which was developed in 1986, is just under 98 percent occupied. Ten years ago, BREW reported the Holualoa company paying $16.6 million ($154.41 per foot) to buy the project, which was then known as Hayden Square. Here is a description and address of each structure: 2-story, 9,548 sq. ft. at 310 S. Mill Avenue, 2-story, 9,544 sq. ft. at 350 S. Mill Avenue, 2-story, 5,642 sq. ft. at 404 S. Mill Avenue, 2-story, 8,467 sq. ft. at 410 S. Mill Avenue and 5-story, 74,307 sq. ft. at 51 W. 3rd Street. Hayden Station is a few blocks north of other properties companies formed by Parsons previously acquired along both sides of Mill Avenue and north of University Drive. Last October, BREW reported Parsons starting the trio of Tempe property acquisitions with the $38.35 million purchase ($301.90 per foot) of the 127,027-square-foot Centerpoint on Mill retail-office project. The 6.19-acre development is along the west side of Mill Avenue and north of University Drive. That project, which includes roughly 20,000 sq. ft of office space, is anchored by AMC Theaters. There are also a host of restaurants, including P.F. Chang's China Bistro. In January of this year, BREW reported another company formed by Parsons paying $5.25 million ($241.03 per foot) to buy a 21,737-square-foot office project near the northeast corner of Mill Avenue and University Drive. The three-story project, called Tempe Towne Centre, is at 20 E. University Drive. With a net worth of $1.9 billion as of September 2013, Forbes listed Parsons as No. 296 on the Forbes 400. Since pocketing $930 million in the sale of GoDaddy in 2011, Parsons has been focused on a wide array of business and real estate related investments. In the past two years, BREW has reported the flamboyant and philanthropic Parsons investing $300 + million in buying residential, golf, retail, office, automotive and motorcycle properties in the Valley. Parsons' more notable purchases include the Scottsdale National Golf Club, Harley Davidson of Scottsdale AZ motorcycle dealership, and Martz Agency, a Scottsdale-based public relations firm. Parsons formed Yam Properties LLC, Yam Management LLC and YAM Capital LLC and has been buying income-producing real estate assets in the Valley and is making loans secured by Phoenix area properties. Always the entrepreneur, there appears to be no slowing in Parson's investment appetite. Over the years, BREW has reported companies formed by Holualoa buying and selling numerous properties in the Tucson and Phoenix areas. Aroon Chinai of Holualoa says the company is looking for more investment opportunities in the Tucson and Phoenix markets. The company wants value-added deals and will acquire older assets that may need some refurbishment . . . mix of property types include multi-family, office, industrial and retail. The contact for Parsons on income-producing real estate acquisitions is Dan Dahl . . . reach him at (480) 398-2543. Leela Brennan is also a contact for Parsons . . . (480) 696-4825. Talk to Chinai at (310) 566-3061. Stan Shafer is chief operating officer at Holualoa . . . call him at (480) 829-4969. Kasser is at (520) 615-1094. The Cassidy Turley agents are at (602) 954-9000.
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