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Downtown Phoenix multifamily redevelopment site changes hands for $8.25M, Cushman & Wakefield report

Photo of downtown Phoenix parcel
A graphic rendering of amenities within walking distance of the redevelopment site that recently sold for just over $8 million in downtown Phoenix. (File Photos/DigitalFreePress.com)

Cushman & Wakefield: Site boasts abundance of Phoenix amenities

Staff Reports | Digital Free Press

Cushman & Wakefield officials are reporting the sale of a 0.46-acre, multifamily redevelopment site in downtown Phoenix.

CRG, a North American real estate development and investment firm and subsidiary of Clayco, acquired the site for $8.25 million, according to a press release.

The buyer, Cushman & Wakefield officials say, plans to construct a luxury high-rise apartment community on the two-parcel site at the northwest corner of First and Pierce streets, within a few blocks of multiple light rail stations.

David Fogler and Steven Nicoluzakis at Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Glasir Capital Partners, the release states.

“The sale of this property was a terrific opportunity and will result in the development of needed high-quality multifamily housing to serve the needs of the downtown Phoenix community,” said Fogler, executive managing director, in a prepared statement. “Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment with new residential and trendy restaurants, coffee houses and bars. In addition to the Light Rail, the area has been influenced by anchor cultural, educational, research, sports and healthcare institutions.”

The property is very well positioned near major employment and an abundance of amenities including retail, hotel, and transportation services found in Phoenix’s central business district. Those locations include:

  • The Phoenix Convention Center
  • University of Arizona College of Medicine
  • Arizona State University Downtown Campus,
  • Margaret T Hance Park

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