A retail property on University Drive near Mill Avenue has sold for $1.7 million and is slated to become a First Watch breakfast restaurant. The longtime home to Ehrhardt Schwinn in downtown Tempe was purchased by SimonCRE.
SimonCRE Alpha LLC, an arm of Scottsdale-based SimonCRE, bought the property at 111 West University Drive. The property was home to Ehrhardt Schwinn for 57 years. The bike shop closed earlier this year after the retirement of shop owner Larry Ehrhardt. SimonCRE bought the Tempe property from Ehrhardt Investment Properties LLC.
“First Watch will be a great addition to the area.” said SimonCRE President Joshua Simon. “This is our third redevelopment near Mill Avenue and University Drive. The influx in growth, including everything from new retail concepts to hip eateries, bars and many other trendy spots, are helping to evolve the Mill Avenue District."
The property includes a 3,288-square-foot store and 14,117-square-feet of land. The sale translates into $517 per foot. CBRE’s Andrew Fosberg, Max Bippus, and Bert Kempfert represented Ehrhardt. Greg Saltz with GPS Retail LLC represented SimonCRE. Fosberg said the Mill and University location is a prime spot in Tempe.
Featured in Phoenix Business Journal (Original article)