SVN kicked off the second quarter with a land sale adding to the expansion and development of Litchfield Park. The 5.45 acres on the southwest corner of Citrus Road and Bethany Home Road traded for $2,200,000. This transaction served as a stepping stone for the area as it not only generated the highest price per square foot for land in the area but also sparked the residential development of 182 acres across the street.
Reed Grey, Michael Tarantino, and Jake Rossein of SVN Desert Commercial Advisors were involved every step of the way and strongly believe development in Litchfield Park will only intensify with the expansive sprawl around the city of Phoenix. The property was previously in escrow at $8.40/SF in 2021 however, with the overwhelming demand for development and the fresh energy of the new advisors Michael and Jake, they were able to find a buyer who closed the deal for $200,000 more than the sellers originally agreed to in the previous escrow.
The sellers considered this parcel a gem with C-2 zoning in an exponential growth area. Both the buyers and sellers understood how imperative it was to complete the deal and completed a quick close totaling 145 days from start to finish.
The buyers plan to develop a state of the art self storage facility to accommodate the boom in planned residential developments in this area of Phoenix. “The demand for self storage around Phoenix has been growing at rapid rate, and this location has great potential being right next to over 1,000 housing units either already developed or being developed in the area,” says Advisor Michael Tarantino.