Phoenix, Arizona — The 7th Street Corridor continues to attract New Development to Central Phoenix.
OFMM2, LLC have assembled two properties at the NEC of Highland and 7th Street. The first property, located at 4701 N. 7th Street included 10,350-square-feet of land at a price of $850,000 or $82.00 per square foot and the second property, located at 4711-4717 N 7th Street included 28,500-square-feet of land at a price of $1.4 million or $49.00 per square foot.
The buildings on the parcels will be demolished and a new retail center developed which will include shop space and a corner drive-thru national credit tenant. The new development is across the street from the Xavier/Brophy College Preparatory Schools with 2,400 students.
Additionally, Wood Partners is developing a new 230-unit Luxury Apartment Project within walking distance of the site also on 7th Street. Ray Cashen of Cashen Realty Advisors and Josh Landers of Commercial 33 represented the parties.
Cashen and Landers recently teamed up and sold a 28,465-square-foot office building at 5060 N. 40th Street in Phoenix for $5,050,296 ($177 PSF). An OFMM2, LLC related entity was the seller in that deal.
In an unrelated transaction, Cashen closed another deal at 7th Street and Bethany Home Road. The 15,000-square-foot parcel sold for $490,000 or $32.66 per square foot. Howard Eigsti was the seller in that transaction and Randy Raskin and Beau Woodring were the buyers. The property will be developed as a drive-thru Salad and Go location.
Cashen has three more deals in escrow along 7th Street which will close this year. The 7th Street Corridor has become a major urban infill destination and Cashen predicts we will continue to see exciting new develops announced in 2017.
For additional information, contact Ray Cashen at 602-393-4440.