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Avondale Land Sold to Develop Assisted Living and Memory Care Facility

Phoenix, Arizona – October 9, 2017 – A series of challenges over the last couple of years finally comes to an end.  Senior advisor with SVN Desert Commercial Advisors, Judy Jones worked relentlessly in the sale of 5.7 acres of land in Avondale, AZ.

The land was purchased over twenty years ago by a land speculator who brought in family and friends to invest with him.  The property was listed five years with the original client.  He was a former banker and was the general partner for the group.  After his passing, Gerald Dennen, a retired CPA assumed the primary role as the general partner and followed through with the sale of the property, which fell out of escrow two times during the first five years the property had been listed.  SVN’s Jones took over the listing two years ago.  Owner Gerald Dennen expressed, “We entered into a contract to sell our property back in June, 2016 that didn’t close until last month. During this entire time, Judy was on top of the negations with our buyer. She also took the time and effort to call me frequently at my home evenings to keep me updated on current developments.” After a very long escrow period of 16 months, the property will soon have new life. The 248,292 square-foot area sold mid-September.

The property sold for $600,000 and is located at 207 E. Van Buren St. in Avondale, AZ.  The vacant land has never been developed before however buyer, Dennis Hoth with TransEquity Development, Inc. is about to change all of that. The property that is located just south of the I-10 freeway is in close proximity to national retailers such as Walgreens, Wal-Mart Supercenter, Target, JC Penny and more.  The buyers are very experienced developers on a national basis.  They will be using the land to develop a new Assisted Living and Memory Care Facility.

“I have found Judy Jones to be a most dedicated, knowledgeable and helpful real estate professional that I ever had the pleasure of working with,” said the general partner Gerald Dennen.  The new assisted living and memory care facility will begin construction right away. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency.

 

SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, retail, office, medical/dental, and restaurant property types. Visit our website at www.SVNDesertCommercial.com for more information.

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Media Contact: Melissa Swader
melissa.swader@svn.com

Melissa Swader

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