Colliers International in Greater Phoenix recently completed a $2.23 million sale of a 3.95-acre ($13 per square foot) commercial land parcel, where the 100-unit Orchard Pointe at Arrowhead senior care facility is planned.
Glendale Heritage LLC of Omaha, Neb., purchased the land, located just north of the northwest corner of Bell Road and 67th Avenue in the Arrowhead Ranch area of Glendale, from LC Coffee of Lincoln, Neb.
The seller was represented by Greg Hopley, executive vice president with Colliers International’s Scottsdale office. The buyer’s broker was Mark Huey, president of Telis Commercial Real Estate in Phoenix.
Glendale Heritage, part of Heritage Communities LLC, a developer and provider of senior living facilities, plans to build a 100-unit assisted living and memory care project at the site. This will be the second Heritage Community in the Valley; the first is in Surprise.
“This was an excellent opportunity for the buyer to purchase a quality infill site in the Northwest Valley,” said Hopley, adding, “The proximity to hotels, retail and residential developments of Arrowhead Ranch were very important to the buyer.”
Mountain West Contracting LLC of Phoenix has been selected to construct the Orchard Pointe at Arrowhead care center on the 172,062-square-foot parcel.
“It was an absolute win-win transaction for both buyer and seller,” said Hopley.