Avison Young and Cashen Realty Advisors negotiated the $13 million sale of a 3.29-acre land parcel located at 1500 N. Central Ave. in downtown Phoenix. According to a press release announcing the sale, 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 and director of Brokerage Services in the Phoenix office, Mark Seale, and principal and managing director Jonathan Larsen and vice resident Sally Zesut, who are in the company’s Los Angeles office, represented the seller, Donnelley Financial. The buyer, Scottsdale-based Aspirant Development, was represented by Ray Cashen.

Avison Young initially marketed the property with a vacant two-story “obsolete” office building on the site. The team said that they “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 [between 2021-2022] 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 Art Museum. It also provides immediate access to the Valley Metro Light Rail stop.


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