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10/28/22
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A Seattle-based investment company has purchased The Strip, a two-story, mixed-use, retail and creative office property in Phoenix, for $4.4 mil. Located at 4700 North 12th St, the multi-tenant development is 100% leased.
The ground floor space consists of boutique retail tenants, including a craft beer and wine bar/restaurant, a craft coffee shop, a wine shop and café, a locally famous cake bakery, and a soon-to-be completed speakeasy bar and co-working lounge. The second floor includes a salon, two architectural firms, a fitness tech company, and a headquarters for a restaurant group.
Situated on ±0.83 acres, the property provides a prominent hard corner location at the intersection of Highland Ave and 12th St, at the convergence of the distinguished Biltmore/Camelback and the hot and hip Uptown neighborhoods. The location is also conveniently located near the Piestewa Peak Freeway (SR-51).
Eric Wichterman, Mike Coover, Steve Lindley, and Alexandra Loye with Cushman & Wakefield’s Private Capital and Capital Markets teams in Phoenix represented the seller, Tortosa LLC, in the transaction. The buyer was 4700 Alliance LLC.
“The Strip is truly a one-of-a-kind, art-forward, adaptive re-use development that has proven to be a magnet for retail and creative office tenants,” said Wichterman. “The full-scale renovation completed in 2018 relied heavily upon a focused on-art and informed-architectural detailing. The resulting adaptation and re-use of the original structure rapidly attracted tenants to the project since its completions and continues to garner intense leasing interest.”
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