SVN Desert Commercial duo sells $1.6 million worth of property in downtown Phoenix

714 N. Third St. (Submitted Photo)

SVN Desert Commercial Advisors Justin Horwitz and Paul Borgesen III recently sold two properties in downtown Phoenix which combined for $1.6 million, adding to the already growing downtown area.

The first property was a 7,156-square-foot unit at 714 N. Third St. for $800,000 while the other went for $860,000 at 3130 N. Third Ave., according to a press release.

After owning this (714 N. Third St.) and many other properties in the downtown area for generations, the Matz family elected to begin the process of liquidating its holdings.

“We are so excited to see this building particularly sell to such a solid buyer,” Mr. Horwitz said in a prepared statement.

3130 N. Third Ave. (Submitted Photo)

Local business owner, Mike Little worked hand in hand with the seller to acquire the property. Little plans to move his own business into the building while also continuing to offer rental space to the community.

“It’s nice to know it’s in equally as good of hands moving forward,” Mr. Horwitz said.

Mr. Horwitz and Mr. Borgesen III also represented the seller in the sale transaction of the second property. The buyer Nogachi, LLC says it is excited to come in and make some immediate changes.

The husband and wife team owns a CPA and law firm respectively. Ruger and Magaly Fontes plans to renovate the 8,668-square-foot building and occupy a portion while leasing back a small portion of the building to the seller who also has an existing law firm, a release states.

“We are really looking forward to seeing this building post renovation and to watch that immediate area blossom with everything planned at Park Central Mall across the street,” Mr. Horwitz.

Park Central Mall was once a retail jewel in the desert and in the process of a $57 million project to revitalize the property. With all the mixed-use projects with restaurants, office and other amenities, this will location will add value to the development in the area.

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