Aspirant Development Acquires 3.9-Acre Land In Phoenix For $13M
1500 North Central Avenue
$13,000,000
Building Size
—
Asset Type
Land
Closing
May 3, 2024
AI
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.
Players
Phoenix Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93