A three-acre parcel of land in Glendale destined for townhouses is back on track.
Marcus & Millichap, a commercial real estate brokerage firm, announced Tuesday the sale of the location at the northwest corner of Glendale Avenue and 77th Lane near Westgate. The sale price was $700,000.
“The owner, who initiated a townhouse project on the parcel in the early 1980s, has been looking for a buyer with the expertise needed [to] see the development to completion,” Art Rullo, investment specialist in Marcus & Millichap’s Phoenix office, shared in a statement. “With all of the development activity in the immediate area of the property, we received significant buyer interest and an offer above list price.”
Rullo, Michael Farrar and Ross Smith, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a personal trust.
The buyer, a limited liability company, was procured by Rullo, Farrar and Smith.
“The current residents and HOA Board members are very happy to see the community back on track and moving towards completion,” Rullo added.