Phoenix, AZ – CBRE has completed the sale of a free-standing retail property located at 111 W. University Drive in Tempe, Ariz. The ±3,288-square-foot retail property is situated on approximately 14,117-square-feet of land and commanded a sale price of $1.7 million ($517 per square foot).
Andrew Fosberg, Max Bippus, and Bert Kempfert with CBRE’s Phoenix office represented the seller, Tempe, Ariz.-based Ehrhardt Investment Properties, LLC. Greg Saltz with GPS Retail, LLC represented the Scottsdale, Ariz.-based buyer, SimonCRE Alpha, LLC.
“The Property is located just west of Mill Avenue on University Drive in Downtown Tempe. Ehrhardt Bike Shop occupied the Property for 30 years,” said Fosberg. “It will be exciting to see SimonCRE’s new use for the building, building on their momentum in Downtown Tempe.”