PHOENIX, ARIZONA – Cushman & Wakefield announced that TB 4100 N. Central Ave., LLC (an entity formed by Toll Brothers) purchased the 8.2-acre multifamily development site at the northwest corner of Central Avenue and Indian School Road in Phoenix for $17.9 million, $50 per square foot, $44,527 per unit..
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Phoenix-based Bayless Investment & Trading Company, in the transaction.
“It’s great to see this long vacant, iconic corner go into production with a quality developer like Toll Bros. This project will be an excellent addition to the continued transformation of Midtown Phoenix,” said Nicoluzakis.
The site consists of four parcels with a combined total of 356,905-square-feet of developable land. The rare, hard-corner site is a transit oriented as it is located along the Valley Metro Light Rail with a station adjacent to the property and bound by three streets.
Toll Bros. plans on developing a 402-unit, four-story luxury multifamily project on the site.