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GOODYEAR, AZ-Investors from Las Vegas have bought 40 acres at the southwest corner of Interstate 10 and Litchfield Road for $10.5 million.
Saratoga Land Co. LLP and Land Baron Investments acquired the land in two transactions. Centrepoint Associates LLP, a company formed by New Hyde Park, NY-based Kimco Realty Corp. sold 38.7 acres for $9.6 million and SunCor Development Co. of Phoenix sold a 64,336-sf tract sf for $900,000. The buyers have not announced what they plan to do with the acreage, says Larry Zebe, a broker with Phoenix-based De Rito Partners Inc.
"Right now the land is zoned for retail, but it could be rezoned for office use," Zebe tells GlobeSt.com, adding Centrepoint Associates and SunCor Development Co. were planning to team on a 400,000-sf retail center. "We received phone calls from retailers who were interested in leasing space."
According to Zebe, the land was on the market 90 days and received three offers. "The buyers offered a combination of better terms and price," explains Zebe, who teamed with colleague Judi Butterworth to negotiate the sale. The buyers were represented by Josh Cameron and Scott Truitt, both with Don Bennett & Associates of Goodyear.
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