The buyer, Harbor Ridge Apartments LLC, acquired the land from Scottsdale-based WSD Group Inc. after it fell out of escrow once before. "The buyer had traded out of an apartment complex in Phoenix and had to find a place to put his proceeds," says Tim Skeens, principal of Phoenix-based Skeens & Jarnagin LLC.
Skeens tells GlobeSt.com that the land is zoned commercial and "almost anything" can be built on it. "Right now, we're trying to find the highest and best use for it," he says. "The new owner hasn't decided what to do with it yet and hopes to do a joint venture with a developer." However, the owner hasn't ruled out the possibility of developing the land without a partner.
"This land is surrounded by a growth area," Skeens says. "There are a lot of rooftops coming in and several larger commercial developments under construction nearby."
Skeens and colleague James Waldrep represented the buyer in the land acquisition. Milt Jessman, a broker with GVA Daum, handled negotiations for WSD Group Inc.
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