Land Parcel Sold for $2.35 Million in 3 Months

Article originally posted on HERE on June 11, 2021

A7.2-acre commercial land parcel located near Interstate 10 and Miller Road, traded recently for $2.35 million or $7.47 per square foot. 

Nick Miner and J.T. Taylor of Orion Investment Real Estate represented the seller, Schmitzer Family Trust, while Samil Lallian of HomeSmart represented the buyer, Verma Land. 

Miner & Taylor of Orion took the property from open to close in three months, garnering multiple interested parties along the way. Verma Land was selected as the buyer because they were the most aggressive on price and timing.

This commercial land is zoned general commercial, permitting a wide range of commercial goods and services to the region. This offering of over 7.2 acres allows for many options and possibilities for the buyer.

Development readiness includes Miller Road improvements, easements and nearby traffic signals. The commercial land site is located on the southeast corner of Pima and Miller roads in Buckeye, which is one of America’s fastest-growing cities in the United States. The population was estimated at 68,453 in 2017. 

In May 2019, population estimates released by the U.S. Census Bureau placed Buckeye as the fastest growing city in the U.S. by percentage from 2017-2018, growing by 8.5%.

“We have been working with the seller on this land site for some time while the area matured,” Miner said.

“With the recent momentum from all the new developments in the area and the announcement of 5 Below being developed on the SWC of Miller and Durango, that was the true tipping point to seal the area as an emerging development area.”