John Bullington of CB Richard Ellis, which handled both sides of the transaction, tells GlobeSt.com that seller Gerard C. Scott of Litchfield Park, had placed a "for sale" sign on the property but wasn't getting many offers until buyer CMJ, LLC of Phoenix came along with a multi-million dollar bid. "It was a good price for a speculator to come in and close it very quickly, which is what they did," says Bullington.

The Northwest Valley's rapid growth and the linking of Loop 303 to Interstates 10 and 17 will make the property a valuable site for a big box store, restaurant or retail center, says Bullington. "It's probably the most significant intersection in that entire area in the future," he adds. "It's a great site. There really isn't anything left at that intersection."

Bullington was assisted in the transaction by fellow CBRE brokers Josh Cameron and Susan Mendonca.