The recent sale of 5.45 acres on the southwest corner of Citrus and Bethany Home roads, which traded for $2,200,000, served as a stepping stone for the area as it not only generated the highest price per square foot for land in the area but also sparked the residential development of 182 acres across the street.
The buyers plan to develop a state of the art self-storage facility to accommodate the boom in planned residential developments in this area of Phoenix. “The demand for self-storage around Phoenix has been growing at rapid rate, and this location has great potential being right next to over 1,000 housing units either already developed or being developed in the area,” says Michael Tarantino of SVN Desert Commercial Advisors, who, with fellow advisors Reed Grey and Jake Rossein, worked with the sellers to find an appropriate buyer.
Photo courtesy of SVN Desert Commercial Advisors
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