Phoenix, Arizona – Another multifamily sale in the books for Advisor, Vicente Cantua.  SVN Desert Commercial Advisors named Cantua the 2017 Prospector of the Year for demonstrating his tenacity in building his business throughout the year.  Him and his real estate partner, Carrick Sears also received Deal of the Year.  By leveraging his dedication of hitting the phones every day, utilizing all the tools and resources at SVN, Vicente lands and closes the newest multifamily property for approximately $1M in Phoenix.

The property, Casa Bonita is located at 3205 E. Earll in Phoenix.  The 6,950-square-foot property closed on October 22^nd with a sale price of $975,000.  The east Camelback submarket is seeing tremendous growth and properties in the area have been trading in the upwards of $200,000 per unit.  Casa Bonita, a complex made up of one and two-bedroom units are individually metered in this 8-Unit complex, which sold for $122,000 per unit.  Lead advisor, Vicente Cantua stated, “I am so proud of Carrick for keeping this deal together by thinking outside the box on two separate instances.”  The deal had a few challenges along the way, but with Sears’ senior advisory, they were able to break through some barriers regarding the buyer’s post-inspection requests and the extended closing issues requiring some quick-witted thinking.

SVN represented the seller, Vasile Tupita in the transaction.  Tupita is an experienced investor that has a track record of flipping properties. His partner, Florin Ianc is the one who worked primarily with the advisors in the transaction.  Ianc stated, “Vicente and Carrick surpassed my expectations and thought outside the box to make sure the property closed.”  The deal had multiple extensions that were close to interfering in another sale transaction of the seller’s.  Ianc continued to express, “Luckily the hard-working SVN Multifamily team was committed in finding a way for everything to work out. I know I can rely and trust in them in future deals.”

The buyer, Hendro Riyadi is a first-time investor in Arizona from California.  When looking for properties, he wanted to reposition this particular property and hold onto it for the long term.

Phoenix, Arizona –  Downtown Phoenix adds another eclectic wine bar and restaurant to the mix of unique eateries in the Roosevelt Row Arts District.  Surrounded by an array of community culture, galleries and art studios are small locally owned restaurants to contribute to the urban thriving market.  Local business owners, Keith Shanks and wife Patty Gii just opened their second location of Rott n’ Grapes RoRo.

Master Tenant Representation Broker Jennifer Hill with SVN Desert Commercial Advisors assists companies with their overall growth strategy through the commercial real estate process.  Hill provides an individualized client needs assessment, assists with site evaluation/selection process, proposal/lease/purchase negotiations, demographics review, traffic patterns, and competitive analysis just to name a few services.  In doing this, she was able to assist the restaurant owners in identifying the right space at the end of Roosevelt Row in downtown Phoenix’s historic Gold Spot building.  The restaurant and wine bar is located at 1001 N. 3^rd Ave. The 3,076 square foot property also includes a 20′-below- ground speakeasy in a 100-year-old basement that has been renovated into a modern, cozy environment with plush furniture, dimmed lights and personal bar and food service called “The Onyx.”  Hill stated, “I think the owner has increased his likelihood of success here by establishing a set of favorable circumstances in hiring the best designer, architect, and notably, his chef and management team.”

“She is a consummate professional and an excellent sounding board,” said owner Keith Shanks.  He proceeded to state, “Her skillful expertise in the commercial real estate marketplace has afforded me the opportunity to make long term decisions about our growth strategies and we are already looking for a third location to launch and Jennifer is already hard at work.”

The 2^nd location adds a full menu, very different from their uptown location off Central Ave.  Chef Chris Newstrom has developed a menu that will feature shareable appetizers including the assortment choices of bruschettas, pizza, Panini’s, market-fresh fish, New York Strip and more.  More importantly, they open up for the brunch menu including the crepes and omelet selections. Also, let’s point out you will see the amazing mural art on the doors inside the restaurant of the owners dogs.  The “Rott” in Rott n’ Grapes is named after the family Rottweiler rescues.  Hence, RoRo is seen as one of the iconic pups showcased in the restaurant.

If you did not want to dine in the basement or even on ground level, you can opt to dine in the over-the-bar mezzanine that seats 25-30 people.  “I know it’s expensive to go vertical, even if the clear heights are there, but Keith actually did it.  Had it been 1″ less space, it could not have been built.  Now with the mezzanine the restaurant is actually 3 levels when you factor the speakeasy, “The Onyx”, ground floor and the mezzanine,” Hill stated.  This is one bistro that will attract hundreds of patrons regularly.

Phoenix, Arizona – With the Arizona sun, sports arenas, shopping, dining, entertainment and the Roosevelt Row arts district, no wonder why Downtown Phoenix is booming.  New and established companies are flocking to grow and expand their businesses into the trending corridor where plush hotels and educational facilities surround the buildings alike. SVN Desert Commercial Advisors, Justin Horwitz and Paul Borgesen III are two brokers in the downtown Phoenix area that are integral part of the growth.

Just recently, the dynamic downtown expert team closed on two properties within a few miles of each other from downtown Phoenix to the central Phoenix corridor.  The 7,156-square-foot property located at 714 N. 3^rd Street sold for $800,000 just south of the Roosevelt Row Arts District in downtown.  SVN represented the sellers in the transaction.  After owning this and many other properties in the downtown area for generations, the Matz family elected to begin the process of liquidating its holdings.  Horwitz stated, “We are so excited to see this building particularly sell to such a solid buyer.”  Local business owner, Mike Little worked hand in hand with the seller to acquire the property.  Little plans to move his own business into the building while also continuing to offer rental space to the community.  “It’s nice to know it’s in equally as good of hands moving forward,” said Horwitz.

Just right up the street off 3^rd Ave, is another sale for $860,000.  The property is located at 3130 N. 3^rd Ave. in Phoenix right on the backside of Park Central Mall.  Horwitz and Borgesen III also represented the seller in the sale transaction.  Seller 3130 North Third Ave, a joint venture and the buyer, Nogachi, LLC is excited to come in and make some immediate changes.  The husband and wife team owns a CPA and law firm respectively. Ruger and Magaly Fontes plans to renovate the 8,668-square-foot building and occupy a portion while leasing back a small portion of the building to the seller who also has an existing law firm.

Horwitz stated, “We are really looking forward to seeing this building post renovation and to watch that immediate area blossom with everything planned at Park Central Mall across the street.”  Park Central Mall was once a retail jewel in the desert and in the process of a $57 million project to revitalize the property.  With all the mixed-use projects with restaurants, office and other amenities, this will location will add value to the development in the area.