OFMM2, LLC have assembled two properties at the NEC of Highland and 7^th Street. The first property, located at 4701 N. 7^th 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 7^th 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 7^th 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. 40^th 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 7^th 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 7^th Street which will close this year.  The 7^th 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.