Welnick Marketplace | 345 W Van Buren St
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Welnick Marketplace 345 W Van Buren St
14,000 SF 100% Leased Retail Building Phoenix, AZ 85003 £4,706,460 (£336/SF) 6.03% Net Initial Yield
Executive Summary
CBRE is pleased to exclusively offer for sale The Welnick Marketplace (“the Property”), a 100% occupied, multi-tenant retail development located in Downtown Phoenix. The Welnick Marketplace is ±13,968 rentable square feet located in the City of Phoenix Entertainment District.
The brothers, Leo and Ed Welnick, built Welnick Bros Marketplace in 1927. The adjacent Liefgreen Seed building make up the entire adaptive reuse project ±13,968 SF. In August of 2016 the property was placed on the National Register of Historic Places by the United Stated Department of Interior.
Between 2015-2016 Developer Ownership spent over $2.0 million on all new roof, HVAC, structural, life safety, electrical and plumbing.
Tenants are State 48 Brewery, Gus’s World Famous Fried Chicken, and Quartz Cocktail Bar. There will not be any Tenant rollover until 2031. Welnick Marketplace presents a rare opportunity for an Investor to acquire a 100% leased retail development located in Downtown Phoenix Entertainment District.
The brothers, Leo and Ed Welnick, built Welnick Bros Marketplace in 1927. The adjacent Liefgreen Seed building make up the entire adaptive reuse project ±13,968 SF. In August of 2016 the property was placed on the National Register of Historic Places by the United Stated Department of Interior.
Between 2015-2016 Developer Ownership spent over $2.0 million on all new roof, HVAC, structural, life safety, electrical and plumbing.
Tenants are State 48 Brewery, Gus’s World Famous Fried Chicken, and Quartz Cocktail Bar. There will not be any Tenant rollover until 2031. Welnick Marketplace presents a rare opportunity for an Investor to acquire a 100% leased retail development located in Downtown Phoenix Entertainment District.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
14,000 SF
Building Class
B
Year Built/Renovated
1926/2017
Price
£4,706,460
Price Per SF
£336
Net Initial Yield
6.03%
NOI
£283,800
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.67
Land Acres
0.48 AC
Opportunity Zone
Yes
Zoning
DTC-VAN
Parking
75 Spaces (5.36 Spaces per 1,000 SF Leased)
Frontage
79 ft on Van Buren St
Walk Score ®
Walker's Paradise (91)
Bike Score ®
Very Bikeable (72)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 112-20-086A | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £248,924 |
PROPERTY TAXES
Parcel Number
112-20-086A
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£248,924
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Chris Ackel -
Max Bippus -
CBRE, Inc.
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Welnick Marketplace | 345 W Van Buren St
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