Colliers International negotiates Central Avenue land acquisition for $4.5 million

Buyer is developing a mixed-use residential/office project

Phoenix, March 13, 2017 – Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer in the $4.5 million acquisition of a Central Phoenix land site.

A partnership of Ryan Companies, Tilton Development Company and Hunt Investment Company purchased 1.565 acres at the northeast corner of Willetta and Central avenues for development of a mixed-use residential and office project. The property is located just north of the Burton Barr Library and across the street from The Spaghetti Company and CVS Pharmacy.

“This site is extremely well located for a residential development,” said Smith. “The dynamic transformation of downtown and midtown has created a new focus on life in the central city.  This property’s proximity to light rail and walking distance to restaurants and cultural venues creates great appeal for future residents and office tenants.”

The development partnership plans to create 227 residential units and two creative office units at the location. Site work is currently underway and vertical construction is scheduled to begin this summer.

About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
 
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.

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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.