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.”