An Arizona investor, who also recently opened the first dermatology practice in Buckeye, bought 12 acres of land in Goodyear that could be a good site for commercial development.
“What’s attractive about this site is that the land around it is in escrow with homebuilders,” Anita Verma-Lallian, principal of Arizona Land Consulting, who worked with the buyer, Neil Superfon, said of the purchase. “This corner could have good commercial potential.”
Superfon bought the land for $2.75 million, according to real estate database Vizzda. The transaction was part of a 1031 exchange, which allows investors to defer taxes on the sale of property if the proceeds are used to buy similar property. The land Superfon sold on the front end of the transaction was in Scottsdale near Westworld.
“I’ve been in Phoenix about 52 years,” Superfon said. “The areas of growth are going to be toward California.”
Superfon had previously been an investor with Verma-Lallian’s other business, Equity Land Group. Equity Land Group has bought several parcels around the Phoenix area, with a concentration in the West Valley.
“There is quite a bit of demand for land out there,” Verma-Lallian said. “The market has been really heating up there, and our goal is to acquire some of the last few pieces available. This was one of the sites that we had identified as a strategic investment.”
Superfon said he has invested in land for decades, and liked the area near the Loop 303 corridor because there has been an influx of industrial and residential growth in the area, which will fuel demand for retail, medical office and other commercial uses that could be developed on the parcel he bought.
The growth pattern of the West Valley also inspired Superfon to add a branch of his dermatology practice in Buckeye, creating the first dermatology clinic in the city about six weeks ago.
“Buckeye does not have a hospital,” Superfon said. “I thought it needed a dermatology practice. It’s been wonderful, people have been telling their neighbors about it.”
Source: Phoenix Business Journal
