California-based investment firm, Virtua Partners, acquired 58-acres for $4,500,000 of undeveloped land at 99th Avenue and Encanto Boulevard in Avondale.
The site is directly adjacent to a Costco location, one half mile north of Interstate 10 and one quarter mile west of Loop 101.
The property will be developed by Quyp Development Services, an affiliate of Virtua. Current plans call for multi-family, townhomes, retail, hospitality, office, and high density single family residential uses.
“This is a phenomenal location and we are excited to have the opportunity to develop the property,” said Quinn Palomino, principal of Virtua Partners and Quyp Development. “The proximity to Interstate 10 and the 101, the adjacent retail development, the market demographics and amenities make this the perfect location for a mixed use project. We look forward to working with Avondale to create a visually appealing and economically vibrant development.”
Through affiliates, Quyp plans on building the multi-family and hotel components of the project. Phoenix-based Quyp Development currently has eleven projects in the Greater Phoenix market, including Mesa, Avondale, Goodyear, Peoria, Tolleson, Queen Creek, and Phoenix.
The property is located approximately one mile from the Estrella Banner Hospital and four miles from the University of Phoenix Stadium. Other area amenities include the Phoenix International Raceway, and spring training facilities for the Cleveland Indians, Cincinnati Reds, Chicago White Sox, and Los Angeles Dodgers.
Versant Commercial Brokerage Inc. assisted Virtua Partners with the property acquisition and capital raise. Cathy Cheshier of Property Dimensions represented the buyer. Nate Nathan of Nathan and Associates represented the seller.