Colliers International in Greater Phoenix recently completed the investment sale of 16-acres of farmland in Avondale for $1.44 million, or $90,000 per acre.
TGV Investments LLC of Phoenix purchased the land, located at the southwest corner of Lower Buckeye and Avondale Boulevard, from Hudson Realty Capital LLC of New York City.
Paul Holland, vice president, John Finnegan, senior vice president, Chaz Smith, senior vice president, Ramey Peru, associate vice president and Adam Hood, senior associate; all of Colliers International, represented the seller. The buyer’s agent was Rob Martensen, CCIM, SIOR, senior vice president with Colliers.
The alfalfa-farmed land was purchased as part of a 1031 exchange. East of the Agua Fria River, the property is in a mixed area of farmland and single-family homes with La Joya Community High School to the north.
“Hudson is liquidating to use funds for other properties,” said Holland, who has worked with the firm previously. Hudson Realty Capital is a middle market real estate finance company focused on originating, purchasing and servicing debt secured by commercial real estate.