A 7,400-square-foot contemporary resident and office building at 116 W. McDowell Rd. has sold for $2,062,500 in an all-cash transaction. Price per-square-foot was $278.71.
Built in 2007, this striking contemporary building features 6,300 square feet of creative work and gallery space, a 1,100-square-foot penthouse residence, an additional 1,200-square-foot rooftop deck and 12 parking spaces.
Lee & Associates Principal Steve Farrell negotiated the transaction on behalf of the seller, Oleskow Haan LLC, Phoenix. Chris Walker of Cushman & Wakefield represented the buyer, San Diego-based Sunbelt Land Holdings LP.
“We bought the office building on McDowell Rd. as a location for a Phoenix satellite office. We plan to buy more land in metro Phoenix for development of all commercial real estate product types and will be looking to buy additional retail centers in the local marketplace,” said Todd Holzer, president of Sunbelt Investment Holdings.
The property is located just north of Downtown in the creative Midtown Phoenix area just down the street from the Phoenix Art Museum, Arizona Opera and the Heard Museum.
The area features trendy restaurants, other creative live/work spaces and several historic neighborhoods with some homes dating back to the early 1900s.