Monday, July 6, 2015

Two Mill Avenue Buildings Noticed for Trustee Sale

Map Area View (Subject properties highlighted in red)
Two retail buildings located in the heart of downtown Tempe were noticed for trustee sale last Thursday. The properties, which total close to 40,000 square feet, are located at the northwest and southeast corners of 5th Street and Mill Avenue, and house popular tenants such as Gordon Biersch Brewery (at 9,265 square feet) and Hooters (at 8,508 square feet). The loan in question, which originated in 2005 with Archon Financial, totals $10.92 million with a 5.22% interest rate. Wells Fargo Bank acquired beneficial interest in the loan later that same year. The auction is expected to take place on September 30th at the offices of the trustee, Snell & Wilmer.

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