By AZ Big Media
SVN Desert Commercial Advisors completed the sale of an approximately 0.81 acre lot in Downtown Phoenix on 3rd Ave. between Filmore St. and Van Buren St. in the heart of Downtown Phoenix. The property was acquired from Cole Management Associates, LLC for $3.7 million by 362 North Third, LLC, an entity formed by JRG Capital Partners. JRG, a Chicago-based real estate investment and development firm continues its expansion in the Phoenix market. Chief Investment Officer, Cheri Grossman, stated “This is our second acquisition in Downtown Phoenix, and it fits all the attributes for a high-rise development. With multiple large-scale projects under development, this area of downtown will become a vibrant area to live, work and play”.