PHOENIX, Arizona – Cushman & Wakefield announced that Fenway Capital Advisors of Solana Beach, Calif. sold Valley Commerce Center, a multi-tenant office building located at 4745 and 4747 N. 7th Street in Phoenix. Denver-based Bow River Capital Partners purchased the property for $27.95 million ($128.54 PSF).
Steve Lindley, Eric Wichterman, Tracy Cartledge, Bob Buckley and Mike Coover of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
“Valley Commerce Center is located in one of Phoenix’s hottest neighborhoods, with new restaurants, bars and retail in the Uptown Plaza area and along the 7th Street Restaurant Row corridor,” Lindley said. “The buyer will continue the asset renovation, started by Fenway, to take advantage of tenant demand to locate in this exceptional location.”
Valley Commerce Center is a two building, four-story property totaling 217,434 square feet with excellent frontage exposure to 7th Street. Built in 1984, the property recently underwent over $6 million in capital improvements including a state-of-the-art outdoor collaborative space including seating areas, a bocce ball court and two water features.