Neil Sherman represented the buyer and seller in the sale of 16.57 acres of PAD zoned land at the NEC of Chandler Heights and Arizona Avenue. The transaction included 70KSF of partially completed retail buildings and five PADS available for sale, lease or build to suit.
The sale closed on Tuesday, December 31st at a purchase price of $4.45M. The buyer put down $1.4M and the seller financed the balance at 7% interest-only for two years.
The seller was American Pacific Chandler out of La Jolla, CA. The buyer was Real Estate Opportunity Fund of Arizona, from San Jose, CA.
Rommie Mojahed, Mary Ridberg and Neil Sherman of Sperry Van Ness will be handling the sale and leasing assignment going forward.