For Sale $115,000,000
Property Type Other
Lot Size 0.85 SF
Year Built 2021
Date Updated Apr 24, 2024

The Snyder Carlton National Net Lease Team is pleased to offer to qualified investors an opportunity to purchase The Westin Tempe, an absolute NNN leased hospitality asset located in Phoenix, AZ (MSA Population: 4.7 Million). The Westin, Marriott International’s premier luxury wellness brand, focuses on “wellbeing programming and revitalizing amenities that ensure you leave feeling better than when you arrived.” The 290 key 4-star hotel was completed in 2021, is strategically positioned in the heart of both Tempe and Arizona State University and provides luxurious accommodations to travelers and visitors.

The Absolute NNN lease has a primary term of 25 years, four 5-year option periods, 2% annual rent increases, and is backed by a strong Multi-Unit Franchisee. The 290,838 SF 17-story building on 0.85-acre parcel is positioned on E 7th Street and features great access from S Mill Ave and E University drive which have a combined traffic count exceeding 54,500 VPD.

Arizona State University is directly adjacent to the subject property with enrollment exceeding 112,100 students, a vibrant student culture, strong academics and athletics, and has been ranked the #1 university in innovation for eight years in a row. Phoenix Sky Harbor International Airport (PHX) is only 10 minutes away and sees over 44 million passengers annually. With over 20+ airlines and nonstop service to 140+ destinations both domestic and international, Sky Harbor is considered by many “America’s Friendliest Airport.” The Valley Metro Rail has a station just ¼ mile away, connecting Tempe with the rest of Phoenix. Other nearby attractions include Sun Devil Football Stadium, Desert Financial Arena, Sloan Park (Chicago Cubs Spring Training Facility, ASU Gammage Performing Arts Center, Tempe Town Lake, US Airways Headquarters, and more.

This is an excellent opportunity to acquire a trophy absolute NNN hospitality asset in a dominant location, with a long-term lease, annual increases, and a strong tenant, ensuring years of inflation resistant cash flows.

Available

Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

Attachments

Westin_11 E 7th St._Tempe, AZ (OM) (PDF) opens in new window

Contacts

Eric Carlton

Paul Holland

Location

Getting Around

Walk Score ®
92/100 Walker's Paradise
Transit Score ®
70/100 Excellent Transit
Bike Score ®
99/100 Biker's Paradise

Map
Street

City Tempe, AZ
Neighborhood Hughes Acres
Zip Code 85281
Market Phoenix

Points of Interest

9th St / Mill Ave

0.14 miles
6th St / Mill Ave

0.15 miles
University Dr / Ash Ave

0.19 miles
5th St / Ash Ave

0.29 miles
Veterans Way/ College

0.29 miles
Mill Ave/ 3rd St

0.33 miles
11th St / Mill Ave

0.33 miles
3rd St / Mill Ave

0.35 miles
3rd St / Ash Ave

0.37 miles
Tempe Beach Park / Rio Salado Pkwy

0.47 miles

Arco

0.72 miles
Chevron

0.78 miles
Circle K

1.18 miles
Shell

1.28 miles
Circle K

1.30 miles
Shell

1.59 miles
Circle K

1.65 miles
Circle K

1.77 miles
QuikTrip

1.78 miles
QuikTrip

1.84 miles

CVS Parking Lot

0.14 miles
City Hall Visitor's Parking

0.16 miles
Centerpoint

0.16 miles
10th St. Parking Structure

0.21 miles
University Towers Parking Structure

0.21 miles
Fulton Center Parking Structure

0.28 miles
Stadium Parking Structure

0.38 miles
Gammage Auditorium Parking

0.43 miles
Hayden Ferry Lakeside Parking Garage

0.54 miles
Lot 56

0.57 miles

The Westin Tempe

0.01 miles
Residence Inn Tempe Downtown

0.18 miles
University Inn

0.20 miles
Tempe Mission Palms

0.25 miles
Sonesta Select Tempe Downtown

0.25 miles
Hyatt House Tempe / Phoenix / University

0.54 miles
Hyatt Place Tempe / Phoenix / University

0.54 miles
AC Hotel

0.57 miles
Graduate Tempe

0.62 miles
MOXY Phoenix Tempe

1.03 miles

Skysill Rooftop Lounge

0.01 miles
Terra Tempe Kitchen & Spirits

0.01 miles
Jack in the Box

0.03 miles
Steak 'n Shake

0.03 miles
La Bocca Urban Pizzeria + Wine Bar

0.05 miles
Mellow Mushroom

0.06 miles
H.O.T. House Of Tcaos

0.06 miles
Ike's Love and Sandwiches

0.07 miles
Jimmy John's

0.08 miles
P.F. Chang's

0.08 miles

Global Institute of Sustainability

0.24 miles
Student Pavilion

0.43 miles
Arizona State University - Tempe Campus

0.45 miles
Arizona State University

0.64 miles
Barrett, the Honors College at ASU

0.86 miles
Tempe High School

0.88 miles
Scales Professional Development School

0.91 miles
Gililland Middle School

0.99 miles
Bryan University

1.07 miles
The New School for the Arts and Academics

1.28 miles

Little Rascals Learning Center

2.14 miles
Little Rascals Learning Center

2.17 miles
Mill Avenue Preschool

2.64 miles
Valley Child Care & Learning Center

2.73 miles
Sunrise Preschool Tempe

2.96 miles
Calvary Christian Preschool & Daycare

3.49 miles
Best Friends Preschool

4.21 miles
Kiddie Kampus

4.62 miles
A Nannies

4.69 miles
Kids Play Learning Center

4.84 miles

Frequently Asked Questions

What is the lease rate for The Westin by Marriott | Trophy Downtown Tempe Location?

Rental asking rate at The Westin by Marriott | Trophy Downtown Tempe Location is $57,500,000.00/YR.

What is the total square footage of The Westin by Marriott | Trophy Downtown Tempe Location?

The Westin by Marriott | Trophy Downtown Tempe Location totals 290,383 square feet.

When was this property built?

The Westin by Marriott | Trophy Downtown Tempe Location was built in 2021.

Looking for more in-depth information on this property?

Looking for more in-depth information on this property? Find property characteristics, ownership, tenant details, local market insights and more. Unlock data on CommercialEdge.