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New Retail Center Takes Shape With December Groundbreaking Planned

PHOENIX-Sooner Investments envisions 107,750 sf on its newly acquired parcel.

By D.J. Burrough | Updated on September 29, 2000

PHOENIX-An Oklahoma investment group has purchased for $5.8 million a corner site in north Scottsdale and plans to begin construction in December on a 107,750-sf retail center. Sooner Investments bought a 12-acre parcel at the northwestern corner of Tatum and Shea boulevards, a prime intersection in the upscale suburb with heavy traffic.

The parcel took more than six years to assemble from seven different buyers, and involved a lengthy rezoning effort, says Judi Butterworth, a retail broker with CB Richard Ellis who negotiated the purchase for Sooner. “I knew it was going to be a great project,” says Butterworth, who is also marketing the project. “Many times as a broker you are so far into a project that you can’t back out.”

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