Creative Live/Office Space Sells for $2M in Sought-After Midtown Phoenix

A 7,400-SF contemporary live/offi ce building at 116 W.
McDowell Rd. has sold for $2,062,500 in an all-cash transaction. Price per SF
was $278.71.

116-w
Built in 2007, this striking contemporary building features 6,300 SF of
creative work/gallery space, a 1,100 SF penthouse residence, an additional
1,200 SF rooftop deck and 12 parking spaces.
Lee & Associates Principal Steve Farrell negotiated the transaction on
behalf of the seller, Oleskow Haan, LLC, Phoenix. Chris Walker of Cushman &
Wakefi eld represented the buyer, Sunbelt Land Holdings, LP, San Diego, CA.
“We own over 1,300 acres of commercial land in metro Phoenix, 18
shopping centers in California and 2 shopping centers in Arizona,” said Todd
Holzer, President of Sunbelt Investment Holdings. “We bought the offi ce
building on McDowell Rd. as a location for a Phoenix satellite offi ce. We plan to
buy more land in metro Phoenix for development of all commercial real estate
product types and will be looking to buy additional retail centers in the local
marketplace.”
The property is located just north of Downtown in the creative Midtown
Phoenix area just down the street from the Phoenix Art Museum, Arizona
Opera and the Heard Museum. The area features trendy restaurants, other
creative live/work spaces and several historic neighborhoods with some homes
dating back to the early 1900s.

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