Glendale 18 LLC, an entity of LBG Development, a residential community developer, has purchased a 18-acre development site, located at El Mirage and Glendale Avenue in Glendale, Arizona, for $1,350,000. Kidder Mathews commercial real estate broker, Brian Rosella, represented the seller, Matz Properties LP, in the transaction.
The development site is one of the last remaining parcels in the West Glendale submarket. Prices at area subdivisions, like Marbella Ranch and Falcon View, have risen considerably, and developers are looking for more opportunities to provide affordable housing to this highly sought after submarket.
“Builders and homebuyers will continue to look for affordable housing in well-located submarkets with access to nearby freeways and amenities,” said Rosella.
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Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.