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Shopping Center Will Rise on $3M Land Buy

SCOTTSDALE, AZ-J. Walters Construction Co. purchases nearly three acres for development of a 25,000-sf retail strip center in a plan for a yearend delivery. The Kansas City developer acquires the site from Treaccer Realty of Scottsdale.

By Lee Simmons | Updated on April 11, 2004

SCOTTSDALE, AZ-A Kansas City builder has purchased nearly three acres for $2.9 million next to the Scottsdale Airpark for development of a 25,000-sf retail center. J. Walters Construction Co. closed the deal with Treaccer Realty of Scottsdale, with plans to open for business some time in fourth quarter 2004.

“In that North Scottsdale market, there are a couple of key freeway interchanges,” Darren Pitts, a retail properties specialist with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “Raintree has the biggest concentration of retail in the area.” The site is located on the northwest corner of Raintree Drive and Loop 101, adjacent to a Kohl’s department store.

Joe Walters plans to break ground in 60 days on a freestanding 10,000-sf building and a 15,000-sf strip-style building. Both buildings will feature a mix of national and local-credit tenants.

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