Tempe, Ariz. — Land-swap agreement will rebuild old college bar.
Tempe, Ariz. — CBRE has participated in completing two transactions with Residential Housing Development, Houston. Both sites will comprise The District, a 905-bed facility near Arizona State University. The firm plans to break ground in February 2012 and to open The District for the fall 2013 semester.
Bert Kempfert of Los Angeles-based CBRE’s Phoenix office represented the seller, RB Tempe of Columbus, Ohio, in negotiating the sale of the first site, which is 4.67 acres and was acquired for approximately $5.17 million.
This land includes The Baer’s Den, a college bar that’s been operating near the ASU campus for more than 50 years. The old building will be demolished and a new one constructed on the northwest corner of the property by early 2012.
“We plan to build them a new facility, with an eye on maintaining the character that’s made them the institution they are,” says Derek Anderson, partner with Residential Housing Development. Kempfert also represented Residential Housing Development in the acquisition of Spence Avenue Apartments at 926 E. Spence Ave. in Tempe. The 28-unit multifamily community on 1.4 acres will be demolished for additional land for The District. The apartments were acquired for $1.4 million.
The five-story, approximately 640,000-square-foot development will include structured parking, a 5,000-square-foot clubhouse, 70,000 square feet of open space, a 3,000-square-foot fitness center and ground-level retail. Campus Apartments will manage the facility.
- Lynn Peisner