Phoenix – On behalf of its seller client, Avison Young’s Jonathan Larsen, Mark Seale and Sally Zesut are pleased to announce they have brought to market a two-story, 53,000 square-foot (sf) office/flex building located at 1500 North Central in Phoenix, AZ. Situated on just over 3.3 acres of land, the property is well-located at the southwest corner of Central Avenue and McDowell Road in the heart of the Central Corridor and Downtown Gateway submarket. The property is unpriced and will be sold on a best offer basis.

“This corner property is one of the last major urban redevelopment opportunities in Phoenix,” said Seale, who is based in Avison Young’s Phoenix office. “With zoning that allows for a mix of potential uses including multifamily, office, healthcare, and retail, it provides an opportunistic investor with a prime redevelopment opportunity.”

Seale added that the team anticipates a strong amount of buyer interest for the asset will come from California. “A migration of investors from California has been trending as they seek value in Arizona as it offers lower taxes and construction costs, in addition to other business friendly advantages.”

Built in 1994, the property offers 187 parking spaces. The current tenant at the property will vacate shortly after the close of escrow.

A Valley Metro Light Rail stop is immediately adjacent to the property and is just one of two stops from Arizona State University, University of Arizona College of Pharmacy, Roosevelt Row, and Thunderbird School of International Business.  The asset is also near Interstate 10, and is walkable to a number of retail and dining amenities including CVS, Press Coffee, and The Old Spaghetti Factory, among others. Finally, it is a 10-minute drive to the Phoenix Sky Harbor International Airport.

For additional details on the property, click here.