Deals, Deals, Deals for Scottsdale Developer

PHOENIX—Deal velocity has been brisk as of late for local commercial real estate developer SimonCRE which purchased the 36,000-square-foot completely remodeled and refurbished 1917 OS Stapley Buildings. The seller, Abromovitz Grand Avenue Partners LLC, specializes in renovating old historic buildings and transformed this architectural gem into a creative mixed-use space, while keeping the integrity of the red brick structure along with original exposed wood trusses. 

The two-story retail storefront and office buildings are located at 723-747 North Grand Ave. in the burgeoning downtown Lower-Grand Avenue Business District. Mattress startup Tuft & Needle will occupy the entirety of the buildings for its new Arizona headquarters, bringing the buildings to 100% occupancy at the time of closing.