REDEVELOPMENT OPPORTUNITY ON 7TH STREET trades for $156 per square foot in phoenix
Phoenix – A redevelopment opportunity located in a highly desirable Phoenix opportunity zone sold this week for $825,000, or $156 per square foot. The purchase garnered multiple offers and includes three buildings totaling 5,276 square feet. Nick Miner, CCIM and J.T. Taylor of ORION Investment Real Estate represented both the seller J & S Commercial Holdings, LLC., and the buyer 5A Commercial Holdings, in this transaction.
The site is located at 7th Street and Sheridan in Phoenix, Arizona. The positioning of this asset near Midtown Phoenix makes it an established Phoenix location with close proximity to many businesses and retailers. Nearby North High School is a full-serviced high school in the Phoenix Union High School District with 2,600 students currently enrolled.
Regarding the sale this week, Nick Miner commented, “This was a great opportunity for the buyer. They have been looking for a property to relocate their accounting practice for some time. The properties’ location on 7th street near downtown Phoenix had significant appeal given all the redevelopment occurring close by.”