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Aspirant Development Acquires 3.9-Acre Land In Phoenix For $13M
SOLD
$13,000,000
+ 1
Arizona
See Similar DealsLand
Sold 05/03/2024
SOLD
Aspirant Development Acquires 3.9-Acre Land In Phoenix For $13M
1500 North Central Avenue
See Similar DealsLand
Sold 05/03/2024
+ 1
Summary
ARIZONA
Asset Type:Land
Transaction Type:Sale
The sale involved a 3.9-acre land parcel located at 1500 North Central Avenue in Phoenix, AZ. The property was sold from Donnelley Financial to Aspirant Development for a total sale price of $13,000,000.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $13,000,000
- Buyer: Aspirant Development
- Seller: Donnelley Financial
- Buyer's Representative: Ray Cashen - Cashen Commercial
- Seller's Representatives: Jonathan Larsen, Mark Seale & Sally Zesut - Avison Young
Avison Young played a key role in facilitating the transaction, acting as the representative for the seller, Donnelley Financial. On the buyer's side, Ray Cashen of Cashen Commercial represented Aspirant Development in the acquisition of the 3.9-acre land parcel. The deal showcases the collaboration between prominent real estate professionals in Phoenix, AZ.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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