Even at a sub-6% cap rate, Go Daddy founder Bob Parsons is impressed with a Tempe mixed-use project. (We should've seen this coming when somebody registered the website: BobGonnaBuyTempeMixedUse.com)
Via his YAM Properties real estate investment firm, Bob just picked up Hayden Station, a 108k SF mixed-use office project at Mill Avenue and 3rd Street for $26.5M from Holualoa Cos. At nearly $246.50/SF, that puts the investment at a 5.6% cap rate, says Cassidy Turley's Steve Lindley, part of a massive CT team that brokered the sale, including Bob Buckley, Tracy Cartledge, Jeff Hartland, Scott Boardman, Trevor Klinkhamer, and Brent Mallonee.
Hayden Station is part of a five-building complex from the '80s formerly known as Hayden Square. (Prince isn't the only one from the '80s changing names.) It was nearly fully leased at the time of purchase. It's also adjacent to the Light Rail station and within a walk to ASU.
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