0.81-acre lot in Downtown Phoenix sells for $3.7M
SVN Desert Commercial Advisors completed the sale of an approximately 0.81 acre lot in Downtown Phoenix on 3rd Ave. between Filmore St. and Van Buren St. in the heart of Downtown Phoenix. The property was acquired from Cole Management Associates, LLC for $3.7 million by 362 North Third, LLC, an entity formed by JRG Capital Partners. JRG, a Chicago-based real estate investment and development firm continues its expansion in the Phoenix market. Chief Investment Officer, Cheri Grossman, stated “This is our second acquisition in Downtown Phoenix, and it fits all the attributes for a high-rise development. With multiple large-scale projects under development, this area of downtown will become a vibrant area to live, work and play”.
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Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer. Horwitz and Borgesen continue to have a heavy presence in the brokering of acquisitions in the Downtown Phoenix submarket. “As always, we are excited at the opportunity to have been involved in the continued growth of Downtown Phoenix and greatly appreciate working with JRG on another transaction. They have a great vision for the area and we look forward to watching their plans for this particular site unfold”, stated Horwitz.
JRG Capital Partners has a successful track record in Chicago of acquiring and developing urban infill properties exceeding $1 billion in the aggregate with projects valued up to $100 million. Strong performance has led the principals and their capital partners to expand the strategy to growth markets within the United States with Metro Phoenix identified as a top target market