The 7th Street Corridor continues to attract New Development to Central Phoenix. OFMM2LLC assembled two properties at the NEC of Highland and 7th Street.
The first property located at 4701 N. 7th Street included 10,350 S.F. of land at a price of $850,000 or $82.00 per square foot and the second property located at 4711/4717 included 28,500 S.F. of land at a price of $1,400,000 or $49.00 per square foot. The buildings on the parcels will be demolished and a new retail center developed which will include shop space and a corner drive thru national credit tenant.
The new development is across the street from the Xavier/Brophy College Preparatory Schools with 2,400 students. Additionally, Wood Partners is developing a new 230 unit Luxury Apartment Project within walking distance of the site on 7th Street.
Ray Cashen of Cashen Realty Advisors and Josh Landers of Commercial 33 represented the parties. Cashen and Landers recently teamed up and sold a 28,465 S.F. office building at 5060 N. 40th Street in Phoenix for $5,050,296.
An OFMM2LLC related entity was the Seller in that deal.
In an unrelated transaction, Cashen closed another deal at 7th Street and Bethany Home Road. The 15,000 S.F. parcel sold for $490,000 or $32.66 per square foot. Howard Eigsti was the Seller in that transaction and Randy Raskin and Beau Woodring were the Buyers.
The property will be developed as a drive thru Salad and Go location.
Cashen has three more deals in Escrow along 7th Street which will close this year.
The 7th Street Corridor has become a major urban infill destination and Cashen predicts we will continue to see exciting new develops announced in 2017.