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7/21/21
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An Arizona real estate entity acquired three properties in the Midtown area of Phoenix. The sites are located at the intersection of 4th Ave and Osborn Rd and consist of two vacant lots totaling .38 acres along with an existing 47.5k sf office building on .77 acres located right across the street. The properties were all sold by Central Garden & Pet.
The two vacant lot sites included 402 W Osborn Rd (.15 acres) and 3404 N 4th Ave (.23 acres) that are being configured with a pair of adjacent sites at 3500 N 4th Ave (2.34 acres) and 3410 N 4th Ave (.41 acres) that Masyno had acquired in mid-2019. The new assemblage of properties totals approximately 3.1 acres, which Masyno has subsequently re-introduced back to the market for sale as a potential high-density senior housing or multifamily development acquisition opportunity.
The location is near the Valley Metro Light Rail and at the center of the Central Corridor among new residential, restaurants, and healthcare, education and research campuses.
Masyno intends to hold the outlier office asset as a long-term investment with plans to fully renovate the 47.5k sf building, which Central Garden & Pet has occupied since the 1970s, while also preserving the history of the famed Midtown building.
Cushman & Wakefield’s Mark Bramlett represented the buyer, Masyno Osborn LLC (Anthony Bibars) of Coolidge, AZ, in all site acquisitions and is also now leading marketing efforts for the sale offering of the approximately 3.1-acre development assemblage.
“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,” noted Bramlett. “The site is situated in a highly desirable location with great frontage on both 4th Ave and now Osborn Rd and presents a great acquisition opportunity of scale in Midtown Phoenix.”
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