SCOTTSDALE, AZ – Berkadia has announced the $6.54 million ($86.29 PSF) sale of 1.74 acres in the Kierland submarket of Northeast Phoenix. Senior Managing Director Mark Forrester of Berkadia’s Phoenix office completed the sale. The buyer/developer is Dallas-based Leon Capital. The seller is a local Arizona investor. The deal closed March 27.
Leon Capital will reportedly will soon commence demolition of the existing improvements followed by prompt construction of 202 units, a project density of approximately 116 units per acre.
Located at 7111 East Tierra Buena Lane, the property is situated just west of Scottsdale Road and the Scottsdale Quarter mixed-use development and is within walking distance of the premier Kierland master planned community.