Real Estate Opportunity Fund of Arizona, from San Jose, CA purchased 16.57 acres of PAD zoned land at the northeast corner of Chandler Heights and Arizona Avenue. The transaction included 70,000-square-feet of partially completed retail buildings and five (5) PADS available for sale, lease or build-to-suit.
The transaction closed on Tuesday, December 31st at a purchase price of $4.45 million ($63.57 PSF). The buyer put $1.4 million down and the seller financed the balance at 7% interest-only for two (2) years.
The seller, American Pacific Chandler out of La Jolla, CA and the buyer were represented by Rommie Mojahed, Mary Ridberg and Neil Sherman of Sperry Van Ness, who will also be handling the sale and leasing assignment going forward.
Majahed, Ridberg and Sherman should be contacted at (480) 425-5500 for additional information.