Neil Sherman represented both the buyer & seller in the sale of 16.57 Acres of PAD zoned land at the NEC of Chandler Heights and Arizona Avenue. The transaction included 70,000 SF of partially completed retail buildings and five (5) PADS available for sale, lease or build to suit.
The sale closed on Tuesday, December 31 at a purchase price of $4.45 million. The buyer put down $1.4 million and the seller financed the balance at 7% interest-only for two (2) years.
The seller was American Pacific Chandler out of La Jolla, Calif. The buyer was Real Estate Opportunity Fund of Arizona, from San Jose, Calif.
Rommie Mojahed, Mary Ridberg and Neil Sherman of Sperry Van Ness will be handling the sale and leasing assignment going forward.