Phoenix will soon see new life breathed into a warehouse property in the downtown core. The building, located at 841 E. Jefferson, was recently purchased by Ironline Partners for $3M. The local developer has plans to convert the property into a modern, relevant space for the right tenant.
Kevin Calihan with CBRE’s Phoenix office negotiated the sale on behalf of Ironline Partners. Kevin Lange with Keyser Commercial and Rod Beach with Cresa represented the seller, Phoenix-based Jefferson Partners, LLC.
841 E. Jefferson was formerly home to Goodman’s Furniture and served as a showroom and warehouse. However, Ironline Partners believes the property is ideally located for redevelopment in the dynamic central business district. Situated at the southwest corner of Jefferson Boulevard and 9th Street, the property is next door to Chase Field.
According to the Downtown Phoenix Partnership, more than $4B has been newly invested in office space, retail, restaurants, educational facilities and convention space and hotel rooms in the area. This investment has transformed Downtown Phoenix into a center for employment, education, professional sports, living, and arts and culture.
The existing building is approximately 49KSF, but development plans call for the addition of a mezzanine, which will bring the building to 60KSF. The building will offer potential users heavy parking, which can often be difficult to find in urban environments. The property’s parking along with direct access to the Metro Light Rail will serve high-density users well, meaning 841 Jefferson has the potential to bring hundreds of new employees to Downtown Phoenix.
Development of 841 E. Jefferson is slated to begin this quarter.