A four-story, 46,326-square-foot multi-tenant office building located at 5727 N. 7th Street in Phoenix has sold for $5.5 million. The buyer, Gary Hewson Jr. of Hewson Investment Group, has acquired the property and was represented by Patrick Burch of ABI Multifamily. The 2.26 acre property is in the middle of the 7th Street Restaurant Row Corridor – the most explosive urban infill trade areas in Central Phoenix today.
The seller, Jenifer Davis Lunt, Mark Davis and Nick Davis of Davis Enterprises – Investments & Development, a family-owned business with a successful track record of many investments and redevelopment projects in retail, office, industrial and multifamily throughout the Valley, had purchased the property in 2012 in partnership with the Van Sittert and Obergh families. The seller was represented by Eric Wichterman and Michael Coover of Cushman & Wakefield.
“Tenants such as Ritoch-Powell & Associates who helped to increase occupancy and equipped the property with solar power have stabilized this project,” Mark said.
“Coupled with the stabilization, the 7th Street Corridor has had an enormous transformation due to the powerful urban revitalization movement in projects like the Colony, Crown on 7th, Cinema Park and the Yard,” Jenifer said.
The 1984 constructed building was half occupied with call centers and in Class C shape when acquired in 2012. Gripping the Valley’s real estate market, transforming it into one of the most vibrant infill hubs in Central Phoenix. A massive collection of new retail development has exploded along this one-half mile stretch between Missouri Avenue and Bethany Home Road.
5727 N. 7th Street is well-positioned to capitalize on this amazing new collection of hip amenities, with nearly a dozen exciting restaurants within walking distance of the property.