Owner/User Property Trades for $1.4M in Highly Desirable Tempe Corridor
Tempe, AZ – Nick Miner, CCIM of ORION Investment Real Estate reports selling 1219 South McClintock Drive for the second time within the past two years. The property, located just north of the northeast corner of McClintock Drive and Apache Boulevard, sold for $1,400,000 or $347.22 per square foot for the 4,032 square foot building or $33.48 per square foot for the land. Miner of ORION represented the Seller Bloomfield Capital, LLC. The Buyer, BEL 24, LLC, was represented by Will Fortenberry at eXp Realty.
The Buyer will be relocating their corporate headquarters office in Chandler to this Tempe location. They’ll benefit from great accessibility, being close to multiple highways and just a three-minute walk from the Apache Boulevard Light Rail Stop. The property is minutes from Arizona State University, Tempe Town Lake, Tempe Marketplace, and multiple new workspaces and offices including WeWork, Novus Innovation Corridor, I.D.E.A. Tempe, and more. Additionally, there are multiple luxury apartment, condos, and hotels popping up within the corridor.
Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, commented on the transaction, “This is the second time I sold this property within the past two years. My client, the Seller, originally tried to assemble the northeast corner for a larger redevelopment. Unfortunately, that was not possible, so we put the property on the market.”
Miner continued, “We had several offers on this property. We selected this buyer because it was part of a corporate headquarters relocation, versus a group that would want to redevelop the property into another use which would require a lot of time going through the process with the city.”
Owner/User Property Trades for $1.4M in Highly Desirable Tempe Corridor – Real Estate Daily News