Phoenix, AZ – Avison Young announced today it has negotiated the $13 million sale of a 3.29-acre land parcel located at 1500 N. Central Avenue in downtown Phoenix. The parcel is planned for the development of a 25-story building that features 325 apartment units and 17,000 square feet of retail space. The project has commenced development with completion anticipated for 2025.

Avison Young Principal & Director of Brokerage Services in the Phoenix office, Mark Seale, and Principal & Managing Director Jonathan Larsen and Vice President Sally Zesut, who are in Avison Young’s Los Angeles office, represented the seller, Donnelley Financial. The buyer, Scottsdale-based Aspirant Development was represented by Ray Cashen of Cashen Commercial. 

Avison Young initially marketed the property with a vacant two-story obsolete office building on the site. The team advised the seller to clear the site to make it more attractive for a buyer as it was shovel-ready for a new development. Once that occurred, the team was able to successfully sell the site above original seller expectations. 

“This was a complex transaction and we are pleased that this well-located, downtown site has been sold to a local developer,” said Seale. “The buyer has a vision for the property that will serve the local community with much-needed residential and retail product.” 

The parcel is situated on the corner of Central Avenue and McDowell Road next door to The Spaghetti Factory and is across the street from the Phoenix Museum of Art. It also provides immediate access to the Valley Metro Light Rail stop. 

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

www.avisonyoung.com

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Media Contact: 
Darcie Giacchetto, Media Relations Specialist – Southwest: +1.949.278.6224