Two building sales show changing dynamics in midtown, downtown Phoenix

 

 

“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net.  ….  VIEW ALL OF WALTERS LISTINGSLet me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE     

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By Kourtney Balsan – kbalsan@bizjournals.com

Ongoing revitalization, demand drive continued interest in parts of the city

The sale of two recent buildings — one in downtown Phoenix, the other in the city’s midtown area — are offering a look at the changing dynamics of two city areas.

The first building, a 7,156-square-foot office at 714 N. Third St., just south of the Roosevelt Row Arts District, was sold for $800,000 to Mike Little, who plans to preserve the building and the existing tenants for now. The history of the building dates to the 1980s and earlier as the Matz family has owned the property since it was a The Matz family has had roots in the Phoenix area since the early 1910s and has owned several downtown properties

“He grew up in downtown Phoenix, and he was there before it was a commercial district,” said Justin Horwitz, The sale comes amid a changing dynamic in and around downtown that has the area near the building looking very different from even just a few years ago, Matz said. Those changes, which have included new retailers and large apartment complexes, have not been universally hailed among those on Roosevelt Row as a positive thing.

“I think for the most part the changes have been positive. It’s a little sad to see some of the older places going away, but I think that just happens over time,” Matz said.

The Roosevelt Row area has been experiencing a bout of gentrification with the major developments, and that wave that has come through that area is spreading to other areas of Phoenix, said Horwitz.

“It’s almost impossible not to see the landscape continue to change,” Horwitz said. “There are some properties downtown that’ll have that historic charm that’ll remain, but for a lot of these assets and a lot of these sites. I do foresee the gentrification just spreading. It’s unavoidable.”

With the $57 million renovations set to reinvigorate Park Central Mall, the Central Corridor area near the mall is likely going to face similar issues that hit the Roosevelt area, along with rising prices and home values, said David Newcombe, a Launch Real Estate agent who represents condominiums and developments in both Roosevelt Row and the Central Corridor areas.

Such moves have driven up prices on condos such as those at Portland on the Park to between $300 and $400 per square foot.

“Successful office space, successful development at any level brings people in, especially when they are software company based, law based, and medical based. It often brings in people who have a higher earning capacity and that in itself helps to gentrify some of the area, which helps to bring all prices up in the area,” Newcombe said.

Expectations for Park Central Mall are high, and competition to buy office space near the area is rising exponentially, Horwitz said.

An 8,668-square-foot building behind the mall on 3130 N. Third Ave. recently was purchased for $860,000 by Ruger and Magaly Fontes, who own a law and CPA firms, respectively. The couple, who could not be reached for comment, plans to renovate the building and occupy a portion while leasing back a small portion to the seller, another law firm, Horwitz said.

The Matz family sold property nearby on Third Street between Thomas and Osborn that also will be heavily renovated into a multi-use project to fit growing demand, said Aaron Matz.

“I think that whole area is going to become a little bit more trendy, more walkable. It’ll take time, but that’s where it’s all heading,” Horwitz said.

Downtown will continue to develop and will have a whole new look. Although Horwitz said he cannot disclose yet what is developing, he said he believes they will be able to maintain area’s charm.

“That whole area is going to continue to be invigorated with new development with more retail, more restaurants. I will imagine there will be more hotels. I could see a wide variety of development in the next 12 to 24 months,” Horwitz said.

ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net.  ….  VIEW ALL OF WALTERS LISTINGSLet me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE     

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CLICK HERE:  VERY COST EFFECTIVE SPONSORSHIPS AVAILABLE / South Scottsdale: Where the World Comes to Play and Innovative Companies Excel”

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Timeline of Arizona from  900 BC – 2017              

WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

FROM ME:                                                                      

Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land  Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group.  I also sold  hundreds millions of dollars’ worth of  Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with  brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a   CCIM:   https://en.wikipedia.org/wiki/CCIM 

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ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net

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8 Reasons You Should Invest in Land

Timeline of Arizona from  900 BC – 2017                                                                    

WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

CLICK HERE:  VERY COST EFFECTIVE SPONSORSHIPS AVAILABLE / South Scottsdale: Where the World Comes to Play and Innovative Companies Excel”

 

Event about the Future of Old Town and South Scottsdale -Where the World Comes to Play and Innovative Companies Excel.

 

DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION

ARIZONA FACTS – YEAR 1848 TO 2013

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What is a CCIM.

CLICK HERE TO VIEW MY WEBSITE

  • DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
  • The average age of the population is 34 years old.
  • The health cost index score in this area is 102.1. (100 = national average)
  • Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).

PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017

LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17

Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience                                                                                                                         

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Walter Unger CCIM –  walterunger@ccim.net   – 1-520-975-5207  –  http://walter-unger.com

2016 Official Arizona Visitors Guide

Visit Arizona

Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

Timeline of Phoenix, Arizona history

Phoenix, Arizona

Facts of Arizona – year 1848 to 2013

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.

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 Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages.  The interactive map  shows the location of each community (10+ units) and each location is color coded by the size (number of total units). 

 Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years.  If you have any questions about Commercial / Investment Properties in Phoenix or Commercial /  Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us. 

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Walter Unger CCIM

Senior Associate Broker

Kasten Long Commercial Group

5110 N 40th Street, Suite 110

Phoenix , AZ 85018

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