ARIZONA NEWS

Sale of 1-acre lot in Phoenix’s Arcadia neighborhood breaks record — again

Jan 20, 2024, 5:00 AM

This 1.05-acre vacant parcel in Phoenix near Camelback Mountain sold for a record price for that pa...

This 1.05-acre vacant parcel in Phoenix near Camelback Mountain sold for a record price for that part of town. (Keith Woods Photo)

(Keith Woods Photo)

After paying a record-breaking $4.75 million for a 1.05-acre vacant lot in the Arcadia neighborhood of Phoenix back in 2022, a California investor turned around and sold it for $5.2 million.

The California investor, under an entity known as Mason 5 LLC bought the vacant parcel at 5226 E. Exeter Blvd., Phoenix, for $4.75 million in cash, from John and Elizabeth Lennon, in March 2022.

At the time, Robert Joffe, co-founder of The Joffe Group at Launch Powered By Compass, represented the buyer in that transaction.

Joffe declined to identify his client, except to say he was from California and bought the lot to build a home for his family.

“In the meantime, they found another home they purchased, and fell in love with that,” Joffe said.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Sale of 1-acre lot in Phoenix’s Arcadia neighborhood breaks record — again