PHOENIX, July 27, 2021 /PRNewswire-PRWeb/ -- Equity Land Group, a Phoenix-based land investment and development company, recently closed on its first sale on a property near Yuma Road and Miller Road in Buckeye for $3.9 million. The 19.8-acre property is located near the Miller Commerce Center.
The property was purchased by a land developer and investor who has experience in a multitude of different development sites, including multi-family, industrial, commercial, and more. There are no set plans for use of the property, but according to Anita Verma-Lallian, co-founder of Equity Land Group, with the way the market is going up, there is still room to sell or develop, and it will still be profitable.
Equity Land Group purchased the property in March 2020 for $1.05 million.
"It was kind of a risky move with the timing of COVID-19 and the surrounding uncertainty, but we were confident that once things settled, this would be a prime piece of property regardless of what happened," says Verma-Lallian, co-founder of Equity Land Group. Verma-Lallian and her partner, Smita Patil Mehta, invested an additional $150,000 to help with initial development costs that helped increase the value of the land for sale.
There is a U-Haul Storage facility located near the property, as well as the new 850,000 square foot Five Below distribution center. Additionally, LGE recently broke ground on a large commerce center nearby. All of these commercial developments total about two million square feet of planned office space combined with the many new housing developments slated for the area will drive the need for new retail in the area.
Equity Land Group is in the process of executing a 1031 exchange from the sale of this property to another 10-acre plot of land in the same area.
"I am thrilled with the value that Equity Land Group has delivered to me and the other investors in this deal," said Darshana Patel, an investor in this deal. "The returns they have delivered to us in such a short period of time are incredible, and on top of that, they are watching out for our best interest knowing that tax implications will be high for us since we didn't own this land for very long. They recommended the 1031 exchange option and being relatively new to investing in land, it is an enormous benefit to have Anita and Smita on our side."
For more information about Equity Land Group, please visit http://www.equitylandgroupaz.com or call 480-213-1895.
ABOUT EQUITY LAND GROUP
Equity Land Group is a land investment and development company in Phoenix, founded by Anita Verma-Lallian and Smita Patil Mehta. The firm focuses on shorter-term properties with development opportunities in Arizona. Equity Land Group is to act as a concierge service on investor's behalf. For more information please visit http://www.equitylandgroupaz.com.
Media Contact
Lisa Sass, Serendipit Consulting, 9095199171, [email protected]
SOURCE Equity Land Group
Share this article