Residential Developer Buys 40-Acre Site in Phoenix for $4M

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D. Hoover & Associates Investments, Inc. has sold a 40-acre development site at the northwest corner to south of the southwest corner of 7th Street and Carefree Highway in Phoenix, Arizona. Kidder Mathews brokers Brian Rosella and Joseph Calistri represented the investment firm in the off-market sale to custom builders Nexstar Homes for $4,000,000.

The site is one of the largest remaining vacant land parcels between North Phoenix and Cave Creek. Large lot developments with spectacular views and proximity to job centers along Interstate 17 make this area highly sought after for residential development.

“The residential market for homes on large lots remains strong in North Phoenix,” said Rosella.

About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages 55 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.

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