PHOENIX—Cassidy Turley announces that Hayden House Tempe, LLC, a partnership between San Diego-based Douglas Wilson Companies, Hensel Phelps Development LLC, a subsidiary of Hensel Phelps based in Greeley, CO, and Los Angeles-based Karlin Real Estate closed on 2.51 acres at the southwest corner Mill Avenue and Rio Salado Parkway in Tempe for $16.87 million. Karlin Real Estate also provided the debt in this transaction. The site is home to Hayden House, the oldest continuously occupied structure in Metropolitan Phoenix and Arizona, built from 1871 to 1873.

Cassidy Turley executive managing director Brent Moser, vice president Mike Sutton and associate Brooks Griffith negotiated the transaction on behalf of the seller, Michael Monti's Catering.

The partnership, Hayden House Tempe, LLC plan to develop Mill & Rio Salado, a $200 million mixed-use creative office and lifestyle-hotel development located on the 2.51-acre parcel widely considered to be the gateway to Tempe's downtown core. This landmark project consists of a two towers: a 15-story 280,000 square foot class A office building and a 16-story, 274-key Kimpton hotel along with 17,000 square feet of complimentary restaurants and retail.