Berkadia announced today the sale of the Elizann site, located at 1135 E. Germann Road in Chandler, Arizona. Senior Managing Director Mark Forrester and Managing Director Ric Holway of the Phoenix office negotiated the transaction. The Elizann site sold for $5.3 million.
The Elizann site is vacant land 17.8 acres in size and faces the south side of East Germann Road, less than one-quarter mile east of South McQueen Road.
The property is located near state Routes 202 and 101, providing residents access to the entire Chandler area. The Elizann site is less than a mile from Tumbleweed Park and 5 miles from Snedigar Recreation Center and Sportsplex. Top employers in the immediate area include the City of Chandler, PayPal Holdings Inc., Chandler Regional Medical Center and ASML Holding N.V.
Equine Property Investments Arizona LLC of Arizona and Blue Trail Nevada LLC of Nevada sold the site to complete their investment plan. Frankel Family Trust of California bought the Elizann site, along with adjacent vacant land, to build apartments on both sites.