Friday, September 26, 2014

Sale to Residential Developer Highlights more Growth in Downtown Gilbert

By: Sarah Gortarez & Daniel Alpers | Vizzda

On Monday the Dr. Paul R Brown Family, with local sons Colin Brown at Transwestern and Patrick Brown at Pulte Del Webb, purchased a 7.545 acre piece of land in the quickly developing Downtown Gilbert. The sales price was $1.55m, reflecting $205,434 per acre or ±4.72 per square foot. The property (located at 134 W Cullumber Ave) is zoned for medium-density multifamily residential in the Heritage District overlay zone.

A preliminary design review case is underway with the city to establish entitlement for a ±162 door luxury residential rental project. This would establish a density of ±21.47 dwelling units per acre, bringing more density to the district that is known as a cultural nodal point in the southeast valley. No formal application has been submitted to the city, so information is still limited on this proposal.

The seller of the property was International Risk Group of Colorado who specializes in repositioning environmentally-impaired properties. They purchased the property September 4th 2013 for $550k, reflecting $73,784 per acre or $1.67 per square foot of land.

The site has historically had two warehouses upon it, one being 4,730 square feet built 1951 and the other is 4,800 square feet built 1985. Currently the property receives $13,476 of rental income from a Sprint PCS cell phone tower that has a lease with 5-year options that runs until August 2041.

1 comment:

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