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PHOENIX, ARIZONA -- Ray Cashen of Cashen Realty Advisors’ is pleased to announce recent closings in the Phoenix market totaled $34.5 million in transactions, most in Q1 but several since April 1st.
A $23.4 million, 15-year lease for 48,800-square-feet to C.M.B. III, L.L.C. at 13454 N. Black Canyon Highway (I-17) and a 10-year, $2 million lease for SSVI, LLC at 3816 N. 7th Street are included in the transactions.
The sale of land to Math and Science Academy at the SEC of 15th Avenue and Baseline for $2.4 million and a $2.1 million sale ($1103 PSF) to Riley Smith Development at 500 E. Thomas of a 20,424-square-foot office building sale.
5.5 Acres were sold to Encore for a 200-unit Multi-Family Development in Chandler for $4.5 million ($18.78 PSF) and a 2,100-square-foot retail building sale to LK2 Enterprises at 6101 N. 7th Street for $1.1 million ($524 PSF).
Cashen reports 20 additional transactions under contract and predicts that Phoenix will be amongst the strongest Real Estate Markets in weathering the disruption of the national economy as a result of the Coronavirus health crisis. He says the lack of over building in this cycle has created the healthiest balance of supply and demand that he has seen in his 35 years in the Commercial Real Estate business. He adds that certain retail and shopping center investments will struggle; however, he predicts they will rebound within 18 months.
Cashen says, “Bet on Phoenix and you can’t lose!!!”