Two properties on the Northeast corner of Highland Avenue and Seventh Street in Phoenix were sold, and are slated for demolition, with a retail center replacing the buildings, according to broker who worked on the deal.
Ownership group, OFMM2LLC, purchased two land parcels at 4701 N. 7th St. and 4711 and 4717 N. 7th St. The parcel located at 4701 N. 7th St. consists of 10,350 square feet of land, and was sold for $850,000.
The second parcel of land located at 4711 and 4717 N. 7th St. includes 28,500 square feet and was sold for $1,400,000.
Ray Cashen of Cashen Realty Advisors and Josh Landers of Commercial 33 represented the parties.
The retail center replacing the buildings will include a shop space and a corner drive-thru national credit tenant. Cashen said the upcoming property is close to being 100 percent leased out.
The purchased land where the retail center will go is located across the street from Xavier/Brophy College Preparatory Schools, and Wood Partners is developing a new 230-unit luxury apartment complex within walking distance of the project.
Cashen has seen a lot of activity along Seventh Street in the area near Uptown Phoenix.
Another deal along Seventh Street was recently closed by Cashen. A 15,000-square-foot parcel was sold for $490,000 at Seventh Street and Bethany Home Road, Cashen said. Howard Eigsti sold the property to Randy Raskin and Beau Woodring. The property will be developed as a drive thru Salad and Go location.
Cashen has three more deals in escrow along the Seventh Street area, which are planned to close this year. He said the area is becoming a major urban infill destination and believes there will be more developments in the area.
