Madison Square was recently purchased, through Newmark Grubb Knight Frank, by Madison Square Property, LLC, which plans to reposition the value-add asset through a multi-million-dollar upgrade and is working with Phoenix Design One to redesign and remodel the project, taking into account the complex’s fundamental qualities and outstanding location. Built in two phases in 1986 and 1990, the 177,312-square-foot complex located at 5343-5353 N. 16th St. in Phoenix, which includes underground parking, was 65 percent occupied at the time of sale.
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