GLENDALE, Arizona – Marcus & Millichap (NYSE: MMI), announced the sale of 2.44 acres of land located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $550,000 ($5.17 PSF).
Art Rullo, Michael E. Farrar and Ross Smith, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company and partnership, was procured by Rullo, Farrar and Smith. This 2.44-acre development opportunity is located at the northwest corner of West Union Hills Drive and North 53rd Avenue in Glendale, Arizona.
“The sellers owned the property for nearly five decades and felt the time was right to bring this infill parcel to market,” said Rullo. “The buyer was the neighboring memory care facility, who purchased the 2.44 acres to add to their existing site. As part of the buyer’s governmental approval process, they rezoned their existing memory care facility, vacant land and this 2.44-acre property to a Planned Area Development (PAD). This rezoning will enable the buyer to create a continuum of care campus (independent living, memory care and assisted living) for the surrounding community.”
Rullo noted that despite a six-month delay due to the COVID-19 pandemic, the process went very smoothly and was well received by the neighboring property owners, as well as the City of Glendale’s staff, planning commission and city council. As of close of escrow, the buyer had no timetable for starting construction of the additional facilities.