7,028-SF Condo Sells in Phoenix's Historic Stockyards

Concert Business Group picked up a 7,028-sf industrial condo in 40,000-sf structure at 5017 E. Washington St. site for $632,520 in a deal that puts occupancy at close to 75% in the four-building, 99,000-sf office and industrial project in Phoenix. Steve Mardian, with Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com that the new owner, targeting the space for its offices and furniture showroom, will move into the property next month from a leased location at 19th Street and Northern Avenue in the city.

"This gives them a central location near the freeways and access to the entire valley," says Mardian, who along with fellow broker Eddy Moore, clinched the sale for both the buyer and seller, Phoenix developer Jokake Cos.

Jokake completed renovations on the landmark building in November. So far, four of the seven office/warehouse condominiums have been sold. The remaining three condos are up for grabs at a rate hovering $95 per sf. The complex also serves as headquarters for Jokake Cos., owned by brothers Michael and Gary Smith.

The brothers, both former ranchers, bought the 7.2-acre site for $2.4 million in July 2003 and began an ambitious $12-million project to turn what was once the world's largest stockyard into a historically significant office and industrial complex. Today, the site serves as a pedestrian-friendly campus to area businesses and features amenities that include a bocce court and horseshoe pit. The site, once housing 40,000 head of cattle on the surrounding 200 acres, still retains some of its historic character in its main building, a 20,000-sf structure that also is home to the area's famous Stockyards restaurant, which served the cattlemen working the Livestock Exchange.