PHOENIX, AZ – Nick Miner, CCIM of ORION Investment Real Estate and Sean Bishop, CCIM of Lee & Associates, reports representing the buyer and seller of the 4.75 acres of land in Phoenix, Arizona for $1,816,000.00 or $8.78 per square foot.
Phoenix, Arizona, the capital of Arizona and the fifth largest city in the U.S.A, is known for its year-round sun and warm temperatures, it anchors a sprawling, multicity metropolitan area known as the Valley of the Sun. It's known for high-end spa resorts, Jack Nicklaus–designed golf courses and vibrant nightclubs. Greater Phoenix covers approximately 9,266 square miles, making the it about the size of New Hampshire.
Nick Miner, CCIM, Senior Vice President at ORION commented, “We originally helped the buyer purchase this property back in 2005 with the hopes to be able to purchase the fee title to the land at some point in the future.”
The Buyer is finally going to be able to terminate the long-term ground lease for this property and have a Fee Title interest in the property,’ Bishop added. “The ground lease was initially negotiated by Westcor back in 1978.”
Buyer, Shea Village, LLC, and the Seller, Pacific Oakmark Shea, LLC, were both represented by Nick Miner, CCIM of ORION Investment Real Estate and Sean Bishop, CCIM of Lee & Associates Phoenix office.