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Pterodactyl Holdings Sells 34,798 sf Development Site in Downtown Phoenix to Arizona Board of Regents

Cushman & Wakefield Represents Seller in Land Transaction

Cushman & Wakefield announced today that the Arizona Board of Regents acquired 34,798 square feet (sf) of land at 1st Avenue, near Fillmore Street, from Pterodactyl Holdings (Phoenix), LLC for $4.65 million.

ABOR _Land_Reduced

The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented Pterodactyl Holdings (Phoenix), LLC in the transaction. The 1st Avenue/Fillmore Street assignment generated numerous offers within days of marketing commencement from groups looking to build high-rise student housing, conventional apartments, condominiums and micro-housing units. With proximity to central station along with ASU’s downtown Phoenix campus, the site offers unmatched walkability to jobs, mass transit and urban core amenities.

“The Arizona Board of Regents has not yet disclosed how it’s going to use the newly acquired land but with the parcel being in excellent proximity to the existing ASU downtown campus, located across from the Civic Space Park and just north of the downtown YMCA, we could see future expansion,” said Brent Moser, Executive Managing Director.

Photo courtesy of Cushman & Wakefield.

  • Steven

    So now it’s off the property tax rolls, right?

    • Chris Nelson

      Why would it be off the property-tax rolls? It doesn’t matter who the owner is; they still have to pay property taxes.

  • Wyatt James

    Ugh, more taxpayer-paid construction connected with downtown ASU.

    • Chris Nelson

      You drive on taxpayer-funded streets. You drink water from taxpayer-funded water mains. You live in peace, courtesy of taxpayer-funded national defense. You enjoy relatively low gas prices, courtesy of taxpayer-funded subsidies to oil companies. You live without fear of your home burning down, thanks to taxpayer-funded fire protection. You go about your life without worry of anarchy, thanks to taxpayer-funded police protection. So what’s your point, stupid?

  • Ben Bethel

    What are the plans to save the historic buildings there… they’re just as significant as the circles record building, or the buildings at the civic space park that were saved…