0.64-acre lot in downtown Phoenix sells for $2.85M

Real Estate | 29 Sep, 2020 |

SVN Desert Commercial Advisors completed the sale of an approximately 0.64-acre lot in downtown Phoenix at 625-629 N. 2nd Ave., Phoenix, AZ 85003. The property was acquired from Seller, 629 Phoenix, LLC, for $2.85 million by X Co., who now owns several properties in the downtown Phoenix market. Partner Andrew Kerr stated, “We are excited to offer unprecedented experiences for the urban fanatic at attainable prices. Our goal is to provide a home, a gym a workspace, energizing experiences and your new network.”

Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Seller. Horwitz and Borgesen have completed upwards of $100 million in transactions with a heavy focus in central Phoenix. “It was a pleasure to work with both buyer and seller in this successful transaction,” said Horwitz.  “We are excited to see yet another exciting project from X Co. We feel that this sale is indicative of continued confidence from developers and capital groups in the downtown Phoenix submarket given Buyer’s ability to pursue this acquisition despite global challenges.”

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