Bright Land Holding LCC purchased the Central Avenue and Indian School Road development site, located at 4040, 4050 and 4060 N. Central Ave. in Phoenix, for $6.1 million from 4040 N. Central LLC, which is controlled by Glasir Capital Partners.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis represented the seller and Cushman & Wakefield Managing Director Mark Bramlett represented the buyer.
“This site has excellent development potential for developers to pursue high-density multifamily development. With the limited availability of hard-corner, infill T.O.D. sites having great access to major job and transportation corridors, this site is perfectly positioned in the market,” said Nicoluzakis.
The 3.17-acre Central Corridor, transportation oriented development site is located south of the southwest corner of Central Avenue and Indian School Road. Located along the primary arterial that links the Central Corridor’s neighborhoods, including Downtown, Central Arts District, Midtown and Uptown.
A Yoshi’s Restaurant, a local Asian food grill, is located within the development site at 4050 N. Central Ave. Nicoluzakis said the investor who purchased the site has “a look toward future development with a parking lease, Yoshi’s lease and Billboard leases in place for the foreseeable near future.”
