SVN Completes the Sale of Freestanding Adaptive Reuse Project for $1.25mm
PHOENIX, August 2022 – SVN Desert Commercial Advisors Jonathan Levy, Justin Horwitz, and Paul Borgesen complete the sale of 2833 N. 3rd Street, Phoenix, AZ 85004 for $1,250,000.
The freestanding 10,300 SF office building is located in a desirable Midtown Phoenix location with walkable amenities, including the Light Rail, Park Central Mall, and Phoenix Country Club. Due to long-term vacancy, deferred maintenance, and building obsolescence, the property was sold as an adaptive reuse project. With R-5 zoning, this 0.75 AC property made is suitable for another office or redevelopment into apartments. “This will make for a great new development in the area and ultimately the community immediately surrounding this building will be the beneficiaries of a vacant building replaced by a vibrant new development to the neighborhood,” says Justin Horwitz.
Jonathan Levy, Justin Horwitz, and Paul Borgesen, were thrilled to get this property sold after years of working on this assignment looking for the right buyer to usher this property into its next phase. Jonathan Levy comments on the team’s efforts to ensure a win for everyone involved, stating, “Our team’s marketing capabilities, along with the knowledge and expertise of the surrounding submarket, investors, and businesses in the area, propelled us to close this transaction.”
Concludes the Seller, “After dedicating numerous hours from their marketing efforts, SVN hung in there to close this sale. I’m truly appreciative of their efforts as they went above and beyond the call of duty.”
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit our website at www.SVNDesertCommercial.com for more information.
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