SVN Desert Commercial Advisors sells Downtown Phoenix Gem for $1.5M
Phoenix, Arizona – June 7, 2017 – Desert Commercial Advisors is well-known for their expert knowledge and closed commercial real estate transactions in downtown Phoenix. SVN advisors, Justin Horwitz and Paul Borgesen III recently closed another deal for $1,500,000 off 3rd Street and Garfield. The property is not just another multifamily or retail space, this downtown gem is the result of a highly unique, upscale, mixed-use building renovation that it is today.
Combine Studios has a little combination of everything. The property is located at 821 N. 3rd St. in Phoenix, AZ. It includes upscale studio apartments, space for Arizona State University’s Arts Residency Program, and a quaint Airbnb component. Property owners, Matt Moore and Carrie Marill acquired the property back in 2011 and spent the next few years converting the building into this mixed-use property in downtown Phoenix. “Our team was extremely excited about this particular opportunity,” said Justin Horwitz. Downtown Phoenix is a market that Horwitz and Borgesen III have focused heavily on for years. The unique features and tenancy of the building fit perfectly into the Roosevelt Row environment. Horwtiz stated, “This property is great for the investors and a great story to tell” referencing the distinctiveness of the property characteristics and 6,300 square foot location.
The property is on 3rd Street only a few blocks from the Arizona Center, Sheraton Grand Phoenix, The University of Arizona College of Medicine, Arizona State University Downtown Phoenix, Symphony Hall and so much more. The downtown Phoenix market is rapidly changing and more properties are becoming interesting opportunities like Combine Studios. The husband and wife sellers are extremely entrepreneurial and phenomenal advocates for the Downtown Phoenix Arts District.
The property received immediate offers from multiple buyers, but ultimately traded above the listing price to a tremendous investor with great intentions to continue operations as a steward for the building and the downtown Phoenix community. The buyer Thomas Castleberry with Combine on Third, LLC is a local investor right here in the valley; from Paradise Valley. Jason Privette with Premier Title Agency handled the sale transaction.
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, retail, office, medical/dental, and restaurant property types. Visit our website at www.SVNDesertCommercial.com for more information.