Mason Holding LLC recently purchased an acre of land at 1st and McKinley in Phoenix for $12 million, or approximately $276 per square foot. The parcel is zoned to accommodate up to 741 residential units, making it a prime infill property. Steven Nicoluzakis of Cushman & Wakefield represented the seller Glasir Capital Partners in the transaction.
Nicoluzakis noted that “Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment with shopping and nightlife options, as well as educational and medical institutions nearby.” Additionally, light rail access provides convenient transportation services throughout Phoenix’s central business district. Other attractions within walking distance include: Phoenix Convention Center; University of Arizona College of Medicine; Arizona State University Downtown Campus; Margaret T Hance Park – all contributing factors which make this property highly desirable for potential buyers looking to invest in high rise development projects near major employment centers with abundant amenities nearby.
