Phoenix, Arizona – Downtown Phoenix is home to a vibrant business and entertainment district with shopping at the CityScape Phoenix complex and art galleries on Roosevelt Row. SVN DesertCommercial Advisors in Phoenix is one of the largest commercial real estate brokerages that make a strong presence in the downtown and central Phoenix corridor. Advisors, Justin Horwtiz and Paul Borgesen III have continued to provide opportunities to real estate investors who have gravitated to the growing development of downtown.
In the last few weeks, Horwitz and Borgesen III have closed more than $5.6 million in sales, including 2 properties in downtown Phoenix and a stable ST NNN investment sale in Ajo, Arizona. A recent sale located at 207 E. Clarendon Avenue in Phoenix sold for $3,000,000. After walking the property with the Seller, SVN agents Justin Horwitz and Paul Borgesen were immediately impressed with the unique quality of the asset and its history. Previous owners include the FBI and Bulletproof Securities, a private security company. As one can imagine, this building has become highly secure facility fully equipped with block construction, bulletproof entry and interior walls, key card access systems, a back-up generator, walk-in vaults. Additionally, the most recent owner had fully renovated the facility in 2015 with all new bathrooms, showers, break rooms, custom furniture that was acquired as part of the sale, and fiber connectivity. This property is easily one of a kind in the Midtown Phoenix market with its combination of high end office space with warehouse space consisting of three 14′ high roll up doors with 18′ of ceiling height. SVN Advisors, Horwitz and Borgesen represented the buyer. Colliers International advisor, John Barnes represented the seller in this transaction.
“We are always excited to take part in a deal in the Central Corridor where we do the majority of our business, but this one was particularly meaningful. The building was so unique and our client will be such a perfect fit in the building. There really is no other building like this in the Central Corridor,” said Justin Horwitz.
The land sale in downtown Phoenix, located at 800 N. 1st St. is just south of the Roosevelt Row district and just north of the Arizona State University Downtown Campus off N. Central Ave. SVN Advisors represented the seller, Terry LaLonde with Terrence E.Lalonde Family Trust in the transaction for $740,000. The buyer, Stu Siefer with 526 Mill, LLC purchased this as an investment and has intentions to build at a later time.
Lastly, SVN advisors were responsible for the sale of the Family Dollar that sold for $971,500 in Ajo, Arizona. They represented sellers, Matthews and Honey Money-Collins out of San Francisco, CA. The escrow period was only 42 days and was handled by Susan Bush with Chicago Title. The sale was a result of a 1031 exchange buyer with a 5+ years remaining on term and a 7.00% CAP rate.
Managing Director, Perry Laufenberg stated, “Justin and Paul have unsurpassed market knowledge in Downtown Phoenix, and provide incredible value to their clients by keeping them informed on real estate activity in that dynamic market.”
To learn more, see RED Comp #5576.