PHOENIX—CBRE has completed the sale of WelnickBros. Marketplace located at 345 W. Van Buren St. in DowntownPhoenix. The property has been earmarked for a future, urban-infillretail project. The sale is yet another testament to the Downtownarea's revitalization—this time capitalizing on a bit ofhistory.

|

Christoper Ackel and Pat Horanwith CBRE's Phoenix office negotiated the transaction on behalf ofboth buyer and seller. The buyer was a joint venture betweenJames Kuykendall, a former Bar-S FoodsCo. CFO, and Pat Cantelme, a former CEOof PMT Ambulance. The seller was JoyceReiff.

|

“The development of downtown continues to be a positive trendfor the City of Phoenix,” says Ackel. “A strong downtown core isessential to an economically strong central business district andprojects like the one planned at Welnick Marketplace will onlyenhance what Downtown Phoenix offers those who frequent the area,whether because they live or work downtown or they want toexperience one of the many entertainment options in the area.”

|

Welnick Bros. Marketplace is listed on the Arizona StateHistoric Property Inventory and the city of Phoenix considers thebuilding one of the most distinctive Spanish Colonial buildings inPhoenix. The property was built in 1927 by Leo andEd Welnick. The brothers came toArizona in 1912 to build their grocery business. At time ofconstruction, Welnick Bros. Marketplace was one of the bestequipped groceries in Phoenix, even including cold storage for fishand poultry. The builder was Wasielewski ContructionCompany, whose projects also include Brophy CollegePrepatory School, The Luhrs Tower and the Hotel St. James.

|

Most recently, the property was home to Dave ReiffPrinting Co. Dave and Joyce owned and operated theprinting company for nearly 40 years, but the property has beenvacant the last ten. Cantelme and Kuykendall have plans to restoreand redevelop the property for retail use and will retain theWelnick Marketplace moniker, dropping the “Bros.” The purchase andredevelopment of Welnick Marketplace is the first urban infillproject for Kuykendall and Cantelme, but will likely not be thelast. The two say they are exploring other potential acquisitionand redevelopment projects that will bring value to the city ofPhoenix.

|

The asset sold for $930,000.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.