ATLAS Capital Partners Completes $29.58M Infill Property Sale for Rio Reimagined
PHOENIX – (April 30, 2025) — Scottsdale-based ATLAS Capital Partners (ATLAS) has sold a prime infill parcel to the City of Phoenix for $29.58 million. The city has earmarked the land for revitalization as part of its regional Rio Reimagined initiative and the RIO PHX plan, which will promote 20 miles along the Rio Salado/Salt River corridor as a local and regional destination.
Located at 3030 S. 7th St. in Phoenix, the 29.4-acre site currently houses a 42,469-square-foot industrial building with tenancy through 2028. ATLAS acquired the property in 2021 as a long-term hold investment and redevelopment opportunity.
“As developers, our priority is maximizing value for both our investors and the community at large. Initially, we anticipated maintaining this site’s industrial character, but market developments revealed an opportunity for a more soulful vision,” said ATLAS CEO Chris Walton. “We are excited that the City of Phoenix is stepping into that role, ensuring this site reaches its highest and best use as part of the Rio Reimagined initiative. It is land with meaningful long-term promise, with the added benefit of generating interim cash flow for the city in the near-term.”
The 7th Street site is located within an Opportunity Zone, less than two miles from Sky Harbor International Airport, minutes from downtown Phoenix, and the I-10 and I-17 freeways. It sits directly south of the Salt River, a central element of RIO PHX that will include the restoration of native habitats, creation of new recreational opportunities, and the installation of public artwork and wayfinding signage, promoting access to open space such as riverfront trails and paths.
“This transaction is a great example of our strategy at work – identifying assets with intrinsic, long-term value and aligning them with the right partners for greatest impact,” said ATLAS COO Dan Gauthier. “We’re proud to have played a role in advancing the City of Phoenix’s vision for the Rio Reimagined corridor and look forward to seeing this site become a catalyst for growth and revitalization.”
ATLAS partnered with OakPoint Real Estate, a vertically integrated real estate investment firm with offices in Nashville, Tennessee, and Austin, Texas, on this transaction. Will Strong, Phil Haenel, and Foster Bundy of Cushman & Wakefield’s Capital Markets Group represented ATLAS in the sale.
As a commercial real estate asset, the 7th Street site also benefits from robust industrial market dynamics, including an overall metro Phoenix vacancy rate of just 13.3% as of the end of Q1 2025, according to Cushman & Wakefield. It is a prime location for a host of modern industrial uses, including those supporting Arizona’s growing semiconductor, advanced manufacturing, energy, and logistics sectors.