A four-story, 46,326-square-foot multi-tenant office building located at 5727 N. 7th St. in Phoenix has sold for $5.5 million, according to Davis Enterprises sellers of the building.
The buyer, Gary Hewson Jr. of Hewson Investment Group, acquired the property and was represented by Patrick Burch of ABI Multifamily. The 2.26 acre property is in the middle of the 7th Street Restaurant Row Corridor.
The seller, Jenifer Davis Lunt, Mark Davis and Nick Davis of Davis Enterprises – Investments & Development, a family-owned retail, office, industrial and multifamily investmentand redevelopment firm, purchased the property in 2012 with the Van Sittert and Obergh families.
The seller was represented by Eric Wichterman and Michael Coover of Cushman and Wakefield.
“Tenants such as Ritoch-Powell & Associates helped to increase occupancy and equipped the property with solar power stabilized the project” said Mark Davis.
“Coupled with the stabilization, the 7th Street Corridor has had an enormous transformation due to the powerful urban revitalization movement in projects like the Colony, Crown on 7th, Cinema Park and the Yard.” Said Jenifer Davis Lunt
The 1984 constructed building was half occupied with call centers and in Class C shape when acquired in 2012.
Gripping the Valley’s real estate market, transforming it into one of the most vibrant infill hubs in Central Phoenix. A massive collection of new retail development has exploded along this one-half mile stretch between Missouri Avenue and Bethany Home Road.
5727 N. 7th Street is well-positioned to capitalize on this amazing new collection of hip amenities, with nearly a dozen exciting restaurants within walking distance of the property.