TEMPE, ARIZ. – Vancouver, Canada-based Nicola Wealth Real Estate acquired a mixed-use property in downtown Tempe from Wexford Developments for $ 16.7 million.
Located at 425 S. Mill Ave., the 22,209 square foot building includes three levels of office space above retail space on the ground floor. At the time of the sale, the property was fully rented out to several tenants. The hotel is close to the Valley Metro light rail station and the new Tempe tram, scheduled to open this year.
The transaction was handled by Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield.