BUCKEYE, AZ – a 7.2 Acre commercial land parcel located off of Interstate 10 and Miller Road, traded this past week for $2,350,000 or $7.47 per square foot. Nick Miner, CCIM and J.T. Taylor of ORION Investment Real Estate represented the Seller entity, Schmitzer Family Trust, while Samil Lallian of HomeSmart represented the Buyer, Verma Land. Miner & Taylor of ORION took the property from open to close in just 3 months, garnering multiple interested parties along the way. Verma Land was selected as the Buyer because they were the most aggressive on price and timing.
This commercial land is zoned GC, permitting a wide range of commercial goods and services to the entire region. This offering of over 7.2 acres allows for many options and possibilities for the Buyer. Development readiness includes Miller Road improvements, easements, nearby traffic signals, and more. The commercial land site is located on the southeast corner of Pima and Miller Road in Buckeye, which is one of America’s fastest growing cities in the U.S. The population was estimated at 68,453 in 2017. In May 2019, population estimates released by the U.S. Census Bureau placed Buckeye as the fastest growing city in the U.S. by percentage from 2017-2018, growing by 8.5%.
Nick Miner, CCIM commented on the transaction, “We have been working with the seller on this land site for some time while the area matured. With the recent momentum from all the new developments in the area and the announcement of 5 Below being developed on the SWC of Miller & Durango, that was the true tipping point to seal the area as an emerging development area.”
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Related Links:
7.2 acres of land in Buckeye sells for $2.35M – AZ Big Media
Land parcel sold for $2.35 million in 3 months – Opera News
Land parcel sold for $2.35 million in 3 months – West Valley News