Tag Archives: Chad Russell

Downtown_Phoenix_Aerial_Sketch-on

AFI-USA sells downtown Phoenix development site for $12.75M

Real estate developer Africa-Israel USA (AFI-USA) announces the sale of a five-acre downtown Phoenix development site at the corner of Central Avenue and McDowell Road for $12.75 million. AFI-USA had owned the property since 2004. Lennar Multifamily Communities is the purchaser and plans to transform what is currently an empty lot into a 288,000-square-foot luxury residential mixed-use community. Randy Titzck, Greg Vogel and Chad Russell of the Scottsdale, Ariz.-based Land Advisors Organization represented AFI-USA in the transaction.

Lennar’s plans for the site include 368 luxury rental apartments along with 13,000 square feet of commercial and retail space, which is planned to accommodate collaborative co-working space, neighborhood retailers and a restaurant or café. The project is slated to start construction in the second quarter of 2015.

“Chagit Sofiev Leviev, CEO of AFI-USA, worked closely with the Lennar executive team to achieve this remarkable deal. The project will be a boon to the local economy, which is still recovering from the last recession,” said Damien Stein, Chief Operating Officer of AFI-USA. “Lennar builds high quality communities that positively impact the areas in which it develops. We expect that this development will contribute significantly to the positive growth and urbanization that is occurring in Downtown Phoenix.”

This successful sale comes on the heels of a spate of noteworthy lease signings at AFI-USA’s Times Square Building in New York City where marquee tenants include Haru Sushi, Guitar Center, Discovery Times Square Exhibition and Bowlmor Times Square.

The Land Advisors Organization reports recent deals

CANYONS AT WHETSTONE | Benson, Arizona

Offering: 795.69 acres
Location: East side of Highway 90, south of Interstate 10 in Benson, Cochise County, Arizona
Sales Price: not disclosed
Seller: National Bank of Arizona
Buyer: El Dorado Benson, LLC
Agents: Greg Vogel, Will White, Waseem Hamadeh and John Carroll
801 NORTH ARIZONA AVENUE | Chandler, Arizona

Offering: ±2,660 sq. ft. retail building on ±0.41 acres
Location: 801 N. Arizona Avenue, in Chandler, Arizona
Sales Price: $312,000
Seller: Bear Family Trust
Buyer: Matthew Mooneyham
Agents: Randolph C. Titzck and Chad Russell
901 EAST ROSSER | Prescott, Arizona

Offering: 5.48 acres
Location: 901 East Rosser, Prescott, Arizona
Sales Price: $800,000
Seller: Brady Revocable Trust
Buyer: The Church of Jesus Christ of Latter-Day Saints
Agent: Capri Barney
RANCHO CORAN | Las Vegas, Nevada

Offering: 22.06 acres
Location: 1792 N. Ranch Drive, Las Vegas, Nevada
Sales Price: $2,300,000
Seller: MB REO-NV Land
Buyer: Precedent Properties
Agent: Rick Hildreth
WHETSTONE RANCH | Benson, Arizona

Offering: 11,650 acres
Location: State Route 90 in Benson, Arizona; beginning +/-1.5 miles south of Interstate 10
Sales Price: not disclosed
Seller: Whetstone Partners, Whetstone Development, Graves
Buyer: El Dorado Partners, III
Agent: Greg Vogel, Will White, Waseem Hamadeh and John Carroll