PHOENIX, Arizona – A 7,400-square-foot contemporary live/office building at 116 W. McDowell Rd. in Phoenix has sold for $2,062,500 in an all-cash transaction. Price per square-foot was $278.71.
Built in 2007, this striking contemporary building features 6,300 SF of creative work/gallery space, a 1,100-square-foot penthouse residence, an additional 1,200-square-foot rooftop deck and 12 parking spaces.
Lee & Associates Principal Steve Farrell negotiated the transaction on behalf of the seller, Oleskow Haan, LLC, Phoenix. Chris Walker of Cushman & Wakefield represented the buyer, Sunbelt Land Holdings, LP, San Diego, CA.
“We own over 1,300-acres of commercial land in metro Phoenix, 18 shopping centers in California and 2 shopping centers in Arizona,” said Todd Holzer, President of Sunbelt Investment Holdings. “We bought the office building on McDowell Rd. as a location for a Phoenix satellite office. We plan to buy more land in metro Phoenix for development of all commercial real estate product types and will be looking to buy additional retail centers in the local marketplace.”
The property is located just north of Downtown in the creative Midtown Phoenix area just down the street from the Phoenix Art Museum, Arizona Opera and the Heard Museum. The area features trendy restaurants, other creative live/work spaces and several historic neighborhoods with some homes dating back to the early 1900s.
For more information, Farrell should be reached at 602.954.3746