A vacant parcel in Peoria found a buyer this week with a goal of turning the land into a self-storage facility.
The 4.88-acre parcel on North 75th Avenue between Cactus Road and Sweetwater Avenue sold for $875,000.
Ross Smith, Michael Farrar and Art Rullo, investment specialists in Marcus & Millichap’s Phoenix office, represented the seller, an undisclosed individual/personal trust. The buyer, an undisclosed limited liability company, was procured by Cushman & Wakefield.
The buyer had taken the property through the city of Peoria's conditional-use permit process and scured the permits for construction, which will start this summer, Mr. Rullo said in a press release.
“This was the buyer’s first Arizona development site acquisition,” he said.
The parcel was notable in an area of Peoria that has limited infill parcels for commercial development.