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.
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