10.48 acres of land off I-17 in N. Phoenix sells for $3.775M
Long-time commercial real estate executive, Neil Sherman with Sperry Commercial-Insignia CRE has recently sold land off I-17 and Dynamite Road. Sherman and his co-listing agent, Ian Turner sold 10.48 acres for $3,775.000.
The property is located at 28201 N Black Canyon Highway, totaling 456,508 square feet of land. Sperry-Insignia represented the seller, Fortress RV Storage, LLC in the sale transaction. The out-of-state buyer DHIC – Black Canyon, LLC is a division of DR Horton located in Arlington, Texas. Michael Trueman is DR Horton’s man in Phoenix and was represented by Michael Lieb of Cherokee Development. The sale was in escrow for approximately one year given there were some rezoning and entitlement issues that had to be handled. The vacant single-family structures will now be redevelopment into a multifamily property.
The seller originally acquired the property to develop a boat & RV storage facility but was unable to get the appropriate zoning approval due to significant neighborhood opposition. So the seller decided to put it back on the market with Sperry-Insignia. Neil Sherman, CCIM, Managing Director stated, “These redevelopment projects can become long drawn-out processes, especially when rezoning and entitlements are involved.” Sherman continued to state that, “however, working with such highly experienced and knowledgeable professionals like the buyer and his broker, really kept any problems to a minimum and helped to ensure a smooth closing.”
Sherman stated that the buyer was very strong and quite determined to acquire this property beating out a dozen or more other potential developers who wanted these parcels. For anyone traveling up the I-17 towards Carefree Hwy/Tramonto or the Anthem area, you will easily recognize the site positioned only 1 mile north of Jomax and just south of Sage Luxury Apartment Homes. That owner is also planning a Phase II which will add another 232, Class A units to the immediate trade area.