JLL completed the $6.6 million sale of more than 1.3 acres of land located in downtown Phoenix. Clark Street Holdings LLC purchased the site on which it plans to develop a residential high-rise property. JLL’s Vice Presidents John Cunningham and Charles Steele represented the seller, Third and Pierce Development LLC.
Located on the northeast nexus of 3rd and Pierce streets, the site is adjacent to the 30-acre Phoenix Biomedical Campus and is minutes away from Arizona State University’s Downtown campus. Additionally, the property will be situated less than one mile from the State Capitol and 2 miles from Sky Harbor International Airport.
As reported by JLL officials, multifamily rents are projected to continue growing in downtown Phoenix, following the 4.3 percent increase in 2016. “Downtown Phoenix currently has the highest concentration of employment in the state, with more than 71,000 employees in just a one-mile radius. That is a very attractive statistic for any developer looking to establish an urban, transit-oriented residential community like the one being considered for this site,” Steele said in a prepared statement.
Image courtesy of JLL