By Business Real Estate Weekly
Investment Property Associates LLC (IPA) in Grand Haven, Mich. is assembling an infill site north of Camelback Road along the west side of 16th Street in central Phoenix that is expected to be redeveloped as several hundred housing units. The 13-acre assemblage is comprised of two properties and includes an existing office complex and apartment project, both built in the 1970’s. Investment Property Associates is expected to spend a combined $26.4 million to buy those properties in two separate and unrelated transactions. In a recently recorded sale, LIV Sixteenth LLC (IPA entity) paid $5.9 million ($2.027 million per acre) to acquire a 2.91-acre parcel now occupied by a 53,417-square-foot office project called Willowick Square. The three-building complex, with an address of 5150 N. 16th Street, was sold by Presson Advisory LLC in Phoenix (Darryl Burton, principal).
