PHOENIX, ARIZONA (June 27, 2024) – NAI Horizon represented the buyer in the acquisition of parcels of land totaling 40,973 SF in Tempe, Arizona, that will be rezoned for a multifamily project.
NAI Horizon’s Jay Mininberg, J.D., represented the Buyer, FJT1 Rental, LLC, of Mesa, Arizona, in the $1.275 million (approximately $31/SF) acquisition of 2422 E. Apache Blvd., 2424 E. Apache Blvd., and 1114 S. Lebanon Lane in Tempe. The parcels total .94 acres.
The transaction involved a retail property with a residential component. Upon securing the parcel, the plan is a rezone to mixed use MU-4.
“In conjunction with counsel, an architectural firm, a general contractor, and meetings with the City of Tempe, we recently closed on the parcels with plans to build approximately 62 units,” Mininberg said.
The Sellers, Robert and Mary Figueroa of Tempe were represented by Neil Sherman and Zackery Sherman with Sperry Insignia.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices in Phoenix and Tucson. NAI Horizon is passionate about commercial real estate, providing Brokerage and Property Management Services for local, national, and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to more than 325 offices worldwide. For more information, visit www.naihorizon.com.
About NAI Global
Advisory Services, Leasing, Property Management, Property & Note Sales, and Tenant Representation
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 325 offices strategically located in 65 countries throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,800 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit www.naiglobal.com.
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