A 29.5-acre industrial property located near the Rio Salado River has a new owner — the city of Phoenix.
The city acquired the industrial site in south Phoenix for $29.58 million from Scottsdale-based Atlas Capital Partners LLC, which confirmed the transaction to the Business Journal. OakPoint Real Estate partnered with Atlas on the transaction. A city spokesperson also confirmed the sale.
Phoenix has earmarked the land as part of its larger regional Rio Reimagined initiative — to invest in both the Rio Salado and Gila River corridors — and the city’s RIO PHX plan. The RIO PHX plan, a key component of the larger Rio Reimagined initiative, is focused on the revitalization of a 20-mile stretch of the Rio Salado corridor.
The nearly 30-acre industrial property sits inside the plan’s boundary and is just south of the Rio Salado River off 7th Street.
