By Business Real Estate Weekly
Baron Properties in Denver, Colo. (J. Jeffrey Riggs, Scott Fisher, principals) plans to develop a 104-unit for sale condominium project on a infill parcel in Central Phoenix now occupied by a vacated church.
The site is located adjacent to the popular Biltmore and Arcadia neighborhoods on a 2.38-acre parcel at 2242 E. Campbell Avenue. Baron Properties plans to develop the project in a venture with Haselden Investments in Centennial, Colo. (Eddie Haselden, Mike Haselden, principals).
The venture paid $4.237 + million ($1.78 + million per acre) to acquire the land. The seller was D & A Investment Group LLC in Scottsdale (Wenchin Shi, principal).
The deal was negotiated through Dave Headstream of CBRE in Phoenix and Jeff Swenson of Swenson Realty Group in Scottsdale. Maricopa County records show Campbell Condos LLC (Baron Properties/Haselden entity) acquired the property with a $2.542 + million loan from FirstBank. The site is now occupied by roughly 10,000 sq. ft. of church and classroom buildings that will be razed for the new condominium development.
