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Core Campus Buys Tempe Land for $8.4M

Credit: Google Maps

Source: Cushman & Wakefiled

Core Campus Investment Partners, LLC has purchased approximately 0.75 acres at the SEC of 7th Street and Mill Avenue, as well as the southwest corner of 7th Street and Myrtle in Tempe for $8.4M.

The Company intends to develop a high-rise apartment project at the 7th Street and Myrtle location and are still determining plans for the 7th Street and Mill Avenue site. Core Campus developed the 19-story, LEED-Certified Hub On Campus in 2013 featuring 269-units (637 beds). The Hub On Campus is located just south of ASU Sun Devil Stadium at 323 East Veterans Way.

Cliff Johnston and Brian Rosella of Cushman & Wakefield represented the seller, 2015 Mill & Myrtle, LLC.

“This sale was the highest (per square foot) sales price for any piece of land in Arizona over the last 10 years. As a vibrant urban area, demand for land in Tempe has been unprecedented but this closing has set a new benchmark for pricing in the state,” according to Rosella.

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