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A vacant parcel of land that once held the promise of a high-rise condo on Central Avenue in Phoenix has sold for $3 million.
Phoenix-based Ironline Partners LLC bought just under 2 acres at the northeast corner of Central and Columbus avenues. The seller was MidFirst Bank.
A vacant parcel of land that once held the promise of a high-rise condo on Central Avenue in Phoenix has sold for $3 million.
Phoenix-based Ironline Partners LLC bought just under 2 acres at the northeast corner of Central and Columbus avenues. The seller was MidFirst Bank.
“This is one of the last land parcels along the light rail corridor in midtown Phoenix,” Rosella said. “The submarket has made an incredible comeback since the economic downturn, and Ironline Partners will benefit from the resurgence.”
The midtown area of Phoenix was hit hard by the recession. The area has 25.2 percent office vacancy rate, according to third-quarter statistics from Cushman.
The Phoenix metro’s office vacancy rate is 18.9 percent, according to Cushman. Another commercial real estate firm, Lee & Associates, pegs it at 20.4 percent.
There already are some apartments and condos under development or in the works in the midtown area.
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Given that all the recent developments in the area have been lowrise and midrise apartments and condos, hopefully we can get something a little taller.
An office highrise probably will not pen out as the vacancy rate is still a little hight. However, the majority of the vacancies in midtown are Class B properties. Therefore, the vacancy rate may be deceiving and there may actually be some demand for Class A commercial real estate in the area.