Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,025,000 / $115.05 Per Land SF sale of One West Madison, a land deal located at 1 West Madison Street, Phoenix, AZ 85003. ABI Multifamily's John Klocek, and Patrick Burch represented the seller in this transaction.
The buyer is based in Colorado and the seller is based in Arizona.
One West Madison is an existing 26,756 square foot building on 3/5 net acres of land located in an opportunity zone. The property is located less than a block to Footprint Center Arena and CityScape. It is walking distance to the new Fry’s grocery store downtown, which is less than two blocks away. It sits right on the new light rail that heads south (currently under construction) with a station on the new line approximately a block away. It is across the street from the brand-new Marriott Hotel and is within walking distance to the ASU Downtown Campus, the biomedical hub, and the Phoenix Convention Center. This location is as central as it gets and allows residents to enjoy, with ease, so much of what Downtown Phoenix has to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, One West Madison is an ideal location for a great mixed-use development in the heart of Downtown Phoenix.
One West Madison is a solid building, with over 26,000 square feet including a main level with high ceilings and a fully functioning basement which is well-lit with accessible outdoor areas. Originally this was the Pratt-Gilbert Hardware Company building that was constructed in 1913 and is now on the Phoenix Historic Register. It was recently a Maricopa County Courthouse building and is solidly constructed and in great condition.