PHOENIX, ARIZONA — NAI Horizon negotiated a long-term lease for Texas-based Varsity Tavern at 501 S. Mill Ave., in Tempe.
The NAI retail properties team of Senior Vice Presidents Shelby Tworek, Chris Gerow and Gabe Ortega and Associate Patrick Anthon represented the tenant, Ipsum Creative LLC of Tempe, in the transaction totaling $2.641 million.
Varsity Tavern will occupy the second and third floors of the retail property. It will take 10,925-square-feet with 3,400 SF of patio space. Gringo Star occupies the first floor.
“We’re looking forward to seeing Varsity Tavern come to Arizona,” Anthon said. “It will be a great option in downtown Tempe for both good food and entertaining nightlife. The group is looking to revitalize the former Hooters space, and has some exciting plans in place to cater to students, those in the Tempe workforce, and nearby residents.”
The landlord, Century Drive Investments of Phoenix, was represented by Brian Gast of Velocity Retail Group.