Cassidy Turley* announced the sale of 22.6 acres of commercial land at the northwest corner of Avondale Boulevard and McDowell Road in Avondale, Ariz., for $2.2 million ($2.24 per square foot).
Doug Moreland of Colorado-based Moreland Auto Group purchased the property under Moreland Arizona Properties, LLC from Rialto Capital Management LLC. Cassidy Turley Vice Presidents Brian Rosella and Will French negotiated the transaction on behalf of the seller, while George Haugen of Haugen Commercial Real Estate Inc. represented the buyer.
“We’re starting to see a lot more activity in the West Valley,” Rosella said. “Investors are seeing end-users’ interest in and around the West Valley freeways of Interstate 10, Loop 101 and Loop 303, and that momentum will continue.”
Doug Moreland plans to hold the land as an investment. The property is well located in the West Valley near Interstate 10, Phoenix Children’s Hospital and Avondale Auto Mall. The property is one mile west of the recently announced Copper Springs Hospital, which is a 72-bed, 52,000 square foot medical facility. The ground breaking is planned for 2015.
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*Cassidy Turley announced in a press release on September 22 that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the Consortium that agreed to acquire DTZ), to sell 100% of the equity interests of Cassidy Turley. The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The Consortium’s acquisition of DTZ closed November 5, 2014. The acquisition of Cassidy Turley is expected to close December 31, 2014.
