CB Richard Ellis Chosen to Market 3.56-Acre Parcel
CB Richard Ellis (CBRE) has been retained as the exclusive adviser for the sale of a vacant, 3.56-acre parcel located between Terrace Road and Lemon Street in Tempe, Ariz.
Bert Kempfert of CBRE’s Phoenix office has been retained to market and sell the site, which is zoned for high-density residential development.
“The Lemon/Terrace site is a trophy asset,” said Kempfert. “This site has tremendous development potential to become a first class multi-housing, student housing or mixed-use project, and a landmark within the city of Tempe.”
Located east of Rural Road, the site is adjacent to Arizona State University, the second-largest university campus in terms of student enrollment in the United States, with a student body of more than 51,000 and nearly 12,500 more students at its other satellite campuses. Current estimates anticipate enrollment to grow to more than 90,000 students by 2022.
The site is also positioned along the Valley Metro light rail system, which connects the East Valley and Downtown Phoenix. Construction on the new transportation system began in late 2004 and will be operational later this summer, in 2008.
For more information on this student housing development opportunity, visit:
www.cbre.com/lemonterracesite.