Avison Young announces opportunity to acquire 53,000-SF office/flex building for redevelopment in Phoenix’s Downtown GatewaySeptember 9, 2020
Phoenix – On behalf of its seller client, Avison Young’s Jonathan Larsen, Mark Seale and Sally Zesut are pleased to announce they have brought to market a two-story, 53,000 square-foot (sf) office/flex building located at 1500 North Central in Phoenix, AZ. Situated on just over 3.3 acres of land, the property is well-located at the southwest corner of Central Avenue and McDowell Road in the heart of the Central Corridor and Downtown Gateway submarket. The property is unpriced and will be sold on a best offer basis.
“This corner property is one of the last major urban redevelopment opportunities in Phoenix,” said Seale, who is based in Avison Young’s Phoenix office. “With zoning that allows for a mix of potential uses including multifamily, office, healthcare, and retail, it provides an opportunistic investor with a prime redevelopment opportunity.”
Seale added that the team anticipates a strong amount of buyer interest for the asset will come from California. “A migration of investors from California has been trending as they seek value in Arizona as it offers lower taxes and construction costs, in addition to other business friendly advantages.”
Built in 1994, the property offers 187 parking spaces. The current tenant at the property will vacate shortly after the close of escrow.
A Valley Metro Light Rail stop is immediately adjacent to the property and is just one of two stops from Arizona State University, University of Arizona College of Pharmacy, Roosevelt Row, and Thunderbird School of International Business. The asset is also near Interstate 10, and is walkable to a number of retail and dining amenities including CVS, Press Coffee, and The Old Spaghetti Factory, among others. Finally, it is a 10-minute drive to the Phoenix Sky Harbor International Airport.
For additional details on the property, click here.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224