Phoenix, Arizona – Senior advisors Justin Horwitz and Paul Borgesen III are no strangers to downtown Phoenix. Known for their sale records in the Central and Downtown Phoenix area, they once again procured a buyer for the property located only minutes from the Arizona Center and surrounded by several multifamily properties down 3rd street.
The land is located at 811- 817 N. 3rd St. and sold for $2,148,600 ($102 PSF). The 21,000-square-foot parcel sold to Jon Vento with True North. SVN procured True North as the buyer for a development site in the Roosevelt Row district of Downtown Phoenix. The property is located less than a half a mile from the Arizona State University Downtown campus. While True North has not disclosed specifics, there are discussions of a mixed-use concept. SVN represented the seller in the transactions as well. Seller Paul and Janet Bonn were able to dispose of their last property in the Phoenix area with no plans for further commercial real estate investment.
Justin Horwitz stated, “This was an absolutely fantastic sale for the Seller and we are extremely excited to have partnered yet again with True North.” The property was under contract under three months and sold for $102/PSF. “This development will be a great addition to the already booming Roosevelt Row,” said Paul Borgesen III. “We are excited to see this development activity to keep gaining momentum.”
Downtown Phoenix is one of the most growing areas in Phoenix at this time. “This area is literally changing by the week and we are so excited to a part of it all,” Horwitz stated. True North will continue their development surge into Downtown Phoenix. Additionally, the SVN advisors currently have several sale listings in the DT Phoenix market that will help boost the growth of the economic development in the Greater Phoenix area.