Scottsdale-based DMB has sold Centerpoint on Mill in Tempe to Mill Avenue Retail for more than $38 million.
DMB, which built the Eastmark development in Mesa, agreed to sell the 22-acre area, along with 720 parking spaces, at the northwest corner of Mill Avenue and University Drive to Scottsdale-based Mille Avenue Retail for $38.35 million. The location features tenants like Five Guys, Great Clips, The Handlebar, Mellow Mushroom, Pita Pit and P.F. Chang’s, as well as the incoming AMC Theatres location.
The sale also includes parking rights to approximately 720 parking spaces.
“One of DMB’s founding principles is based on the partnerships and the relationships built with municipalities, landowners, neighbors and tenants,” said Michael Burke, Vice President of Development for DMB, in a press release. “The success of a development lies with the ability to craft and individualize a community or development based on the location and uniqueness of a parcel of land complemented by the visions of the municipality. DMB proudly partnered with the City of Tempe in the pursuit of creating and maintaining a vibrant and dynamic downtown area in and around Mill Avenue.”