PHOENIX – A Coolidge-based buyer has amassed land in Midtown Phoenix to be sold as development property and an additional office property slated for renovation.
Masyno Osborn LLC, led by Anthony Bibars, purchased two vacant lots and a nearby office building along Fourth Avenue and Osborn Road. The company intends to configure the two lots, totaling 0.38 acres, with parcels the company already owns for resale as development land totaling approximately 3.1 acres. The owner is now planning to market the property as a development opportunity for a residential or senior citizens’ residential complex. The company also purchased a four story, 47,500 square foot office complex at 301 W. Osborn Road.
According to the Vizzda real estate database, the three properties were purchased for a total of $ 2.75 million in a deal that closed on July 13th. The seller was Central Garden & Pet. Mark Bramlett from Cushman & Wakefield represented Masyno Osborn in the deals.
“This development location offers tremendous value and growth potential given all the exciting things going on in the neighborhood, including Park Central, but there is still a shortage of housing and medical care in the area,” Bramlett said in a statement. “The location is in a very desirable location with a great facade on both 4th Avenue and Osborn Road and offers a great acquisition opportunity in Midtown Phoenix.”
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