The first property is a 10,000 s.f. retail building that was purchased for $827,000 located at 6107 N. 7th Street in Phoenix. The property is being redeveloped and repurposed for restaurant use by developer, Rick Cordoba of RCDS Contractors.
Cordoba is negotiating with several restaurants as he can deliver 10:1,000 parking on the site. Cordoba’s property adds to the established 7th Street Corridor with other restaurants like The Yard, Bario Café, Little Cleo’s and Palermo’s who have already located in the area. The Yard restaurant is reportedly the highest grossing restaurant in the Sam Fox Restaurant chain. Brick West is designing a trendy venue that is sure to be a showpiece and add to the growing prestige of the 7th Street Corridor.
The second property is a 2.3 acre parcel that was purchased for $2,284,000 located at the SWC of 50th Place and Earll Drive in Phoenix (Arcadia Neighborhood). Ryland Homes was the Buyer in that transaction and plans to develop nine (9) luxury homes on the property. Infill land has become a commodity and there are few development sites remaining in Arcadia. The last significant large parcel acquired in the area was the Empire Opportunity Funds’ purchase of the former Baker’s Nursery nine acre site on 40th Street south of Indian School.
Buyers are flocking to purchase infill residential homes and Ryland Homes was fortunate to secure one of the most sought after parcels in the Arcadia area.