SCOTTSDALE, AZ – Commercial real estate developer SimonCRE purchased a +/-3,300-square-foot freestanding retail building in the heart of the ASU trade area and will begin renovations immediately for Tempe’s newest chain, Blaze Pizza, set to open in the spring.
The building, located at 105 W. University, sits just west of the intersection of Mill Avenue and University Drive and was purchased from Go Wireless Investments, LLC for $1.83 million ($555 PSF).
Renovation plans include bringing the interior to a vanilla shell, renovating the exterior facade and completing various site & utility improvements at an estimated cost of $450,000.
“As an Arizona State alumni, it's great to be a part of some of the redevelopment going on near campus,” says Joshua Simon, President and Founder of SimonCRE. “This is our second redevelopment near the campus this year and we are excited to work on the next few.”
Greg Saltz of GPS Retail Advisors represented the buyer, Brian Gast of Velocity Retail represented the seller and Brian Gausden & David Uhles of Western Retail Advisors represented the tenant.
SimonCRE currently has over fifty projects in the pipeline valued at over $100 million, creating thousands of jobs across the country. SimonCRE plans to develop over $140 million in retail projects across 10 states in 2016.