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4/30/25
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The City of Phoenix acquired a 29.4-acre infill parcel in Phoenix from Scottsdale-based ATLAS Capital Partners in a $29.58 mil 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,.4k sf industrial building with tenancy through 2028. The property was acquired by ATLAS in 2021 as a long-term hold investment and redevelopment opportunity.
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.
ATLAS partnered with OakPoint Real Estate, a vertically integrated real estate investment firm with offices in Nashville, Tennessee and Austin, Texas, on this transaction. Will Strong, Phil Haenel and Foster Bundy of Cushman & Wakefield’s Capital Markets Group represented ATLAS in the sale.
The overall metro Phoenix vacancy rate is just 13.3% as of the end of Q1 2025, according to Cushman & Wakefield. The property site is a prime location for a host of modern industrial uses, including those supporting Arizona’s growing semiconductor, advanced manufacturing, energy and logistics sectors.
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