A 160-acre development site located at the northwest corner of Nafziger Road and Martin Road in Coolidge, Pinal County, Arizona, has sold for $2 million. The seller P & L Arizona Real Estate LLC, a Chicago restaurant group, was represented in the transaction by Kidder Mathews commercial real estate broker Brian Rosella. The property was purchased by Chicago investor John & Lori Poulsen 2003 Family Trust.
The property is near single-family homes and a growing retail market. Recently the town of Coolidge has attracted many homebuilders. According to the Homebuilders Association of Central Arizona, year-to-date permit activity in Coolidge is up 761 percent compared to last year and will continue to increase in 2021 and 2022.
“Over the past 15 years, sales of unimproved land near Coolidge have been scarce but, because of the recent activity from home builders in the area, we expect to see land sales pick up over the next couple years,” said Rosella, senior vice president at Kidder Mathews.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 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 $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.