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12/08/15
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SimonCRE purchased the 1917 OS Stapley Buildings, a 36k sf, multi-building property located in the up and coming Lower-Grand Avenue Business District in downtown Phoenix. The asset was sold by Abromovitz Grand Avenue Partners LLC for $3.16 mil.
The one-of-a-kind property consists of three one-story buildings and one two-story building that touch each other and are located at 723-747 N. Grand Ave. The buildings are fully occupied with emerging mattress startup firm Tuft & Needle leasing the bulk of the space for their new Arizona headquarters. A second tenant, Heck Tech Inc, occupies the remaining 6k sf of space.
The acquisition also includes an additional building, currently vacant, which will be demolished and turned into additional parking to accommodate Tuft & Needle. The Tuft & Needle showroom is presently located at 605 East Grant St, but will be relocated to the Stapley Buildings property.
Tuft & Needle, a Phoenix-based startup, is an industry pioneer in developing the world’s first universally comfortable mattress that is sold directly online. The Tuft & Needle mattress is made with their newly invented foam. It’s conveniently compressed into a small box, and shipped free of charge to their customer’s door within three days or less from purchase.
Trenton McCullough, Greg Vanlerberghe and Peter McQuaid of Levrose represented SimonCRE. Steve Farrell of Lee & Associates represented Abromovitz Grand Avenue Partners LLC in the sale. Abromovitz Grand Avenue Partners, LLC, specializes in renovating old historic buildings and transformed this architectural gem into a creative and contemporary mixed-use space keeping the integrity of the red brick interior and exterior and original exposed wood trusses.
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