Citation Land Co. LLC bought the land from Phoenix-based Glendale and 91st Avenue LLC. The new owner plans to sell parcels and follow the same program that the seller started, says Mindy Korth, a senior vice president in Phoenix for Dallas-based Trammell Crow Co., who teamed with senior vice president Barry Gabel to broker the sale.
The land is zoned for multifamily, retail and employment uses like hotels, business parks and office condos, Korth says. "It's a unique parcel in that it's already zoned and has some of the best zoning in the City of Glendale…a developer can go through the permitting process pretty rapidly," she adds. Thirty acres already are under contract in three separate transactions and another 50 acres are being negotiated.
The seller acquired the property in 2001. TCC's development and investment group, led by Jim Mahoney, represented the seller for municipal annexation, general plan adoption and zoning entitlements. The master plan has 23 acres earmarked for multifamily development and 45 acres for retail projects.
Korth tells GlobeSt.com that parcels will sell for $6.50 per sf to $15 per sf. The site's location was a major draw for Citation Land Co. She points to the proximity to Loop 101, Westgate, Glendale Arena and Cardinals' Stadium. "It has a centralized location where 2.5 million people can get there within a 30-minute commute," she says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
