Acres of land are in high demand all over the valley but purchasing land in Central Phoenix off Central Avenue and Indian School Road is any investor’s dream. SVN Desert Commercial Advisors currently represents a number of land owners who are looking to sell their property to investors from all across the country. Just recently, SVN advisors Paul Borgesen III and Justin Horwitz represented the buyer, Glasir Capital LLC in a land purchase for $5,701,500. Christina Hughes with Fidelity National Title handled this transaction.
Greg Vogel, Chad Russell, and Waseem Hamadeh with Land Advisors represented the seller in the recent transaction. This was a high profile 3.10 acre site at the SEC of Central Ave. and Indian School Rd. On the surface, the sale may appear as a straightforward transaction, but when investigated further, one would find that this deal was far from that. The site itself consisted of a complex series of three parcels that included a vacant lot on the hard corner once operated as a gas station, a Yoshi’s restaurant on a multi-year ground lease, and a parcel utilized for parking which is also under a multi- year agreement.
The Buyer, Glasir Partners, secured the site with plans for future mixed use development and ultimately closed in a double escrow after forming a partnership with a capital partner who funded the deal via a reverse 1031 exchange.
“We were proud to announce the sale of this site,” Justin Horwitz said. Horwitz continued to express that, “Glasir did a tremendous job pooling resources to bring together the pieces necessary to acquire a site with as much complexity as it has potential.”
Central Phoenix will have something to look forward to with a wide range of development options being considered.
