Block 23 in Downtown Phoenix sells for $150M

Block 23 in Downtown Phoenix sells for 0M
Block 23 in Downtown Phoenix sells for 0M

JLL Capital Markets today announced the completion of the $ 150 million sale of Block 23, a premier mixed-use live work-play asset in the heart of downtown Phoenix, Arizona. JLL represented the seller, a subsidiary of RED Development, and acted as broker, City Office REIT, Inc. (NYSE: CIO). The sale sets a new record for multi-tenant office space in the city. Block 23 was completed in 2019 and has 307,030 square feet of Class A office, retail, and recreational space enhanced by floor-to-ceiling windows, 360-degree skyline and mountain views, and a market-leading amenity package including a pickleball court and sky Lobby to be highlighted, rooftop terrace and parking garage on-site. Block 23 also offers Fry’s Fresh Marketplace, the only full-service grocer in the city center, as well as the restaurant concepts Blanco Tacos & Tequila and Ingo’s Tasty Food. In total, Block 23 is 95.5% rented to various investment grade tenants, including Western Alliance Bank, EY and Chase. ALSO READ: 50 downtown Phoenix restaurants to dine outside of Block 23, located in the epicenter of downtown Phoenix at 101 E. Washington St. More than 7,000 residential units and more than 4,500 hotel rooms within a radius of one mile around the property. In addition, Block 23 is immediately adjacent to CityScape Phoenix, a new 1.2 million square foot mixed-use lot, directly across from the Phoenix Suns Arena (Footprint Center) and near Arizona’s Diamondbacks Stadium (Chase Field). The JLL Capital Markets team representing the seller was led by Senior Director Ben Geelan and Executive Managing Director Kevin MacKenzie. JLL managing director Ryan Timpani and director Nick Bialkowski represented the seller in the rental of Block 23. ”, said Geelan. “We have seen strong investor interest in newly built, premium mixed-use assets. RED Development delivered exactly that with Block 23. The dynamic live work-play offering resulted in a record price for a multi-tenant mixed-use asset. ”JLL Capital Markets is a global full-service provider of capital solutions for real estate investors and users. The company’s in-depth local market and global investor knowledge provides the best solutions for clients – whether it’s asset sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital market specialists worldwide with branches in almost 50 countries.