News release

Two urban retail properties in the Phoenix MSA sell for $22.2M

JLL Capital Markets facilitated the sale and acquisition financing of 420 and 501 South Mill in Tempe, Arizona 

January 17, 2024

Jenna Sharp

Capital Markets PR
+1 214 438 6450

PHOENIX, Jan. 17, 2024 –  JLL Capital Markets announced today that it closed the $22.2 million sale and financing of 420 and 501 South Mill Avenue located in Tempe, Arizona.

JLL represented the seller and procured the buyer, Capstone Advisors.

Built in 1998, the two properties total 38,896 square feet combined and consist of 100-percent-occupied high-street retail. Located on the northwest and southeast corners of Mill Avenue and 5th Street in the heart of the Mill Avenue Corridor, these iconic properties benefit from the over 70,000 students attending the nearby main campus of Arizona State University, as well as the thousands of annual visitors drawn by live sporting and entertainment events taking place in downtown Tempe each year.  

The City of Tempe recently announced a $22 million streetscape improvement plan for Mill Avenue, and the buyers recognized this as an opportune time to acquire, renovate and elevate the visibility of the assets in the marketplace.   

The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Patrick Dempsey and Analyst Quin Madden. The JLL Capital Markets Debt Advisory team was led by Director Daniel Digerness and Analyst Frank Choumas.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Capstone Advisors

Capstone Advisors strategically acquires, revitalizes, and manages a diverse portfolio of real estate properties nationwide, with a strong focus on retail properties. Visit for more information.