SVN Desert Commercial Advisors are known for their savvy business in the downtown and the central commercial real estate corridor. Big league advisors Rommie Mojahed, Justin Horwitz and Paul Borgesen III met with Red Cup Living founder, Michael Romley back in April to identify the best investment options for his building right on 16th street. SVN had the answer! The sale of his flex office space was only in escrow 30 days and closed in less than two months for $985,000.
The property is located at 3840 N. 16th Street in Phoenix. The 8,579 square-foot freestanding building was originally acquired by the seller for its own business use. Romley spent a great deal of money refurbishing the interior by creating a highly desirable creative flex office space. The buyer, Tom Drath will be bringing a new physical therapy company; a company that works closely with Banner Health. SVN advisor, Justin Horwitz stated, “This sale is truly indicative of how much demand out there is for high quality flex office space and specifically creative flex space.” Borgesen III recently stated that the commercial real estate industry is at the top of the market prices and at numbers our industry has not seen in ten years. He continued to express, “It is the ideal time for a seller to seek other investment properties if they have any capital to invest.”
Red Cup Living will continue to distribute their line of reusable red plastic cups, wine cups, party buckets and other accessories and gifts out of their new warehouse center in west Phoenix. You can also still order them from their website, www.redcupliving.com or find their products at any of the many retailer locations across the country. “SVN made the selling process easy and seamless for me. We are in our busy season and they made it easy to focus on my business instead of the building itself,” said Romley.
The buyer will have some renovations for their specific needs in the transition of the new business, but the building had a great deal of back up interest which is attributed to the seller’s recent interior upgrades that included a combination of modern open office, warehouse with roll up door, and sufficient parking. “The sale also speaks to the fact the markets desire for midtown Phoenix is expanding rapidly east to the 16th street corridor,” Horwitz said. Most notably, SVN Desert Commercial Advisors has been instrumental in a few recent sales along 16th street and the investment demands in downtown Phoenix.