Midtown Buy Presents Numerous Growth Possibilities

Coolidge, AZ-based Masyno Osborn LLC recently acquired three properties in the Phoenix Midtown area. The sites are located at the intersection of 4th Avenue and Osborn Road, and consist of two vacant lots totaling 0.38 acres along with an existing 47,506-square-foot office building on 0.77 acres located across the street. The properties were all sold by Central Garden & Pet.

Masyno intends to hold the outlier office asset as a long-term investment with plans to fully renovate it while preserving its history. Central Garden & Pet has occupied the building since the 1970s.

The two vacant lot sites included 402 W. Osborn Rd. and 3404 N. 4th Ave. that are being configured with a pair of adjacent sites at 3500 N. 4th Ave. and 3410 N. 4th Ave. that Masyno had acquired in mid-2019. The new assemblage of properties totals approximately 3.1 acres which Masyno has subsequently re-introduced back to the market for sale as a potential high-density senior housing or multifamily development acquisition opportunity. The location is near the Valley Metro Light Rail and at the center of the Central Corridor.

Cushman & Wakefield’s Mark Bramlett represented the buyer in the transactions.

“There is a tremendous amount of value and growth potential with this development site given all the exciting things happening in the neighborhood, including at Park Central, but (at) which there is still a shortage of housing and medical in the area,” says Bramlett. “The site is situated in a highly desirable location with great frontage on both 4th Avenue and now Osborn Road, and presents a great acquisition opportunity of scale in Midtown Phoenix.”