1.61-acre lot in Roosevelt Row sells for $7.75M
SVN Desert Commercial Advisors completed the sale of an approximately 1.61 acre lot in downtown Phoenix at the northeast corner of 1st St. and Portland St within Roosevelt Row. The property was acquired from Arizona Moreland Developments, LLC, for $7,750,000 by First and Portland LLC, an entity formed by JRG Capital Partners. JRG, a Chicago-based real estate investment and development firm, is making its initial acquisition in the Phoenix market. Chief Investment Officer, Cheri Grossman, stated “the site is exceptionally located in downtown Phoenix just off of the park with zoning which allows for myriad uses within a two-tower high-rise development.”
Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer. 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. This is a prominent site in Downtown Phoenix’s Roosevelt Row and we look forward to JRG’s plans for the property,” 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.