The City of Phoenix acquired a 29.4-acre infill parcel in Phoenix from ATLAS Capital Partners in a $29.6 million transaction. The city has earmarked the land for revitalization as part of its regional Rio Reimagined initiative and the RIO PHX plan, which will promote 20 miles along the Rio Salado/Salt River corridor as a local and regional destination. Located at 3030 S. 7th St. in Phoenix, the site is currently home to a 42,000 square foot industrial building with tenancy through 2028.
The 7th Street site is located within an Opportunity Zone, less than two miles from Sky Harbor International Airport, minutes from downtown Phoenix and the I-10 and I-17 freeways. It sits directly south of the Salt River, a central element of RIO PHX that will include the restoration of native habitats, creation of new recreational opportunities and the installation of public artwork and wayfinding signage, promoting access to open space such as riverfront trails and paths.Â
Will Strong, Phil Haenel and Foster Bundy of Cushman & Wakefield’s Capital Markets Group represented ATLAS in the sale.Â
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