An 18-acre development site located at the southeast corner of El Mirage Road and Northern Parkway in Glendale, Arizona, has sold for $3,960,000.
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Kidder Mathews Senior Vice President Brian Rosella represented the sellers, Henderson Properties, LLC and Rim Village III, LLC. The buyer Marbella Ranch East II LLC, a longtime land developer of residential and industrial properties throughout the Phoenix metro area, has entitled the property for a 400-unit multifamily development.
“The current market for land transactions has dropped considerably in the past 12 months because of the dramatic change in interest rates. This deal is unique because the developer purchasing the land has already developed several hundred acres in this submarket and is looking to add to their holdings in this highly sought-after area,” said Rosella.