Crowdfunding Makes Mark in Phoenix

PHOENIX—7th Gate Center, a 43,426 square foot mixed-use project located at 1601 N. 7th Street in Phoenix, closed for $5 million.  Braxton Glass, vice president of ORION Investment Real Estate in Scottsdale, facilitated the transaction purchased by Cole Valley Partners, a boutique commercial real estate investment firm based in San Francisco. Harnessing an innovative trend in the real estate capital market, crowdfunding platform RealtyShares, Inc. assisted Cole Valley Partners in sourcing equity for the transaction. 

The project is located on the northeast corner of 7th Street and McDowell Road, one of the highest traffic dual artery intersections in metropolitan Phoenix. The property consists of approximately 39,000 square feet of multi-tenant office space over two levels of underground parking, along with a ground floor Chase bank branch, drive through lanes and associated surface parking.