July 7, 2020
An 18.5-acre site near Surprise’s Marley Park community traded hands for $2.25 million with plans to develop a mixed-use project located at the NWC of Litchfield and Cactus Roads. The buyer was 18.5 Litchfield & Cactus LLC, an entity affiliated with Terry B. Brodkin & Associates, while the seller was Veramonte Land Holdings LLLP.
The project will be developed by LGE with high quality flex space at the rear of the site, while the frontage is being sold off as retail pads. ORION Investment Real Estate’s Judi Butterworth and Property Dimensions Real Estate Group’s Cathy Cheshier handled the transaction.
The land parcel is adjacent to the upscale Marley Park master-planned development, which is months from completion. The site benefits from higher-end homes built by Meritage, Ashton Woods, and Lennar. In addition, numerous jobs are being created with new projects, such as The Baxter 145,000-square-foot package delivery facility at Litchfield Road & Sweetwater Drive.
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Tags: Acquisition, Development, Industrial, Land, Mixed-Use, Office, Retail
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