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PEORIA, AZ-With plans to build a 90,000-sf retail center, Las Vegas-based NAC Development has claimed 8.7 acres at the northwest corner of 83rd Avenue and Thunderbird Road for $3.1 million.
The seller was Kimmel & Young Properties LLC of Los Gatos, CA. "NAC Development had Gold's Gym as an anchor and came to (Kimmel & Young) and asked to buy the land," says Bob Pearlstein, a first vice president with CB Richard Ellis Inc., who brokered the deal along with Rick Murphy, Max Bippus and Becky Peixotto.
Pearlstein tells GlobeSt.com that the center, Marketplace at Thunderbird, will be worth $15 million to $20 million when completed. Anchored by a 30,000-sf Gold's Gym, the center will break ground early next year. It's expected to be completed in fourthquarter 2005.
According to Pearlstein, Kimmel & Young owned the acreage for two years and also planned to develop a retail center on it. Right across the street, the seller developed Thunderbird Crossing, anchored by Lowe's, Sprouts and 99 Cents Only.
NAC Development, currently under construction with another Gold's Gym-anchored center in Scottsdale, paid cash for the land, Pearlstein says. He and his team are handling the project's leasing. The development includes eight pad sites with Bank One, CVS Drugs, McDonald's and Windemere Real Estate already open.
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