The first property transaction is a 4.5 acre residential/commercial parcel that was purchased for $840,000 located at 1911 E. Van Buren in Phoenix.
The property is directly across the street from the St. Luke’s Medical Plaza and will be developed as a mixed-use project by the new owner. St. Luke’s Medical Center is undergoing a substantial expansion creating an evolution of the surrounding area. The Buyer has purchased other properties in the vicinity and is adding to their portfolio in this new infill pocket of urban development. The Buyer in the transaction was NSHE Lynx Lake; the Seller was IMH Special Asset NT 181, LLC. The transaction was brokered by Cashen Realty Advisors.
The second property deal is the execution of a 20-year Ground Lease by Cold Beers and Cheeseburgers Restaurant for property located at 5625/5621 N. 7th Street in Phoenix. The property is directly across from The Yard Restaurant and will be re-developed by Principal Barrett Rinzler of Square One Concepts into a 6,500 s.f. restaurant with patio and abundant parking. The 7th Street Yard Restaurant is one of the most successful concepts in the Fox Restaurant Chain. The 7th Street Corridor is undergoing a dramatic transformation and the area between Missouri Ave. and Bethany Home Road has evolved into a highly sought after urban restaurant row with five new restaurants on the way. The Lessor in the transaction is the Cornforth Trust and the Lessee is a Rinzler entity. The lease value is in excess of $3,000,000. The transaction was brokered by Cashen Realty Advisors.
The third transaction was the purchase of property located at 6101 N. 7th Street. The property is a drive through retail building with a 1,200 s.f. building on 14,000 s.f. of land. The purchase price of the property was $560,000. The Seller in the Transaction was the Khatri Trust and the Buyer was Developer, Rick Cordova. Cashen Realty Advisors recently represented Cordova in his acquisition of the adjacent building located at 6107 N. 7th Street. That 10,000 s.f. building was purchased for $827,000 and Cordova plans to re-develop the two buildings into an infill restaurant destination. This project represents another step in the rapid urbanization of the 7th Street Corridor. Cashen Realty Advisors was the Broker in the transaction.