PHOENIX — A Coolidge-based buyer has been amassing land in midtown Phoenix to resell as a development site and an additional office asset planned for renovation.
Masyno Osborn LLC, led by Anthony Bibars, bought two vacant parcels of land and a nearby office building along Fourth Avenue and Osborn Road. The firm intends to configure the two land sites, which total 0.38 acres, with parcels the company already owns to resell as a development site, which totals about 3.1 acres. The owner now plans to market the land as a development opportunity for an apartment or senior living development. The firm also bought a 4-story, 47,500-square-foot office complex at 301 W. Osborn Road.
According to real estate database Vizzda, the three properties were purchased for a total of $2.75 million, in a deal that closed July 13. The seller was Central Garden & Pet. Mark Bramlett of Cushman & Wakefield represented Masyno Osborn in the deals.
“There is a tremendous amount of value and growth potential with this development site given all the exciting things happening in the neighborhood, including at Park Central, but which there is still a shortage of housing and medical in the area,” Bramlett said in a statement. “The site is situated in a highly desirable location with great frontage on both 4th Avenue and now Osborn Road and presents a great acquisition opportunity of scale in midtown Phoenix.”