Nearly 7 acres of vacant land has changed hands near the southeast corner of 75th an Peoria avenues in south Peoria.
About 6.63 acres sold for $1.33 million, according to Ryan Sarbinoff, regional manager of broker Marcus & Millichap’s Phoenix office.
“The site was on the market for a couple of years due to restrictive zoning placed on the property and the city of Peoria’s reluctance to sanction more apartment communities,” said Ross Smith, investment specialist in Marcus & Millichap’s Phoenix office, in a news release. “The buyer was able to obtain support from the city for its proposed residential project, and as a result, was willing to complete the purchase quickly.”
