Mark Development Inc./Ebenezzar Scrooge LP bought the land from RedPalMech & Associates LLC of Phoenix with a hotel developer in hand for 2.5 acres of the site, John Odegaard, vice president for NAI Capital in Newport Beach, CA, tells GlobeSt.com. The broker says ground could break by year's end on a 120-room, nationally flagged hotel and the retail component as well. He says the site is large enough to piecemeal sell another pad site for one more hotel.
Odegaard says the interest in the dirt is its direct access to the interstate, sitting at the gateway to the City of Tolleson. Odegaard and NAI Capital associate Doris Bolton and NAI Horizon senior vice president John Filli in Phoenix represented the buyer and will be marketing the site for build-to-suit retail.
Odegaard says it's highly likely that the build-out will be a combo fueling station and convenience store or a restaurant. Michael Noonan with Russ Lyon Realty Co. of Phoenix represented the seller.
Odegaard says the developer's inroad was purely a matter of location. The acreage is south of Loop 101 and the Arizona Cardinals stadium in Glendale, which is driving interest from hotel developers who are working both sites of the interstate. "There are no hotels down there," he explains, citing the push is to get rooms open before Super Bowl 2008 and the 2007 football season. Within a five-mile radius, there are more than 245,000 residents--and more on the way--to fuel the development push of all product type.
Meanwhile, Mark Development has the NAI team scouting for additional building sites from one to 15 acres in Greater Phoenix. The development focus is shopping centers and single-tenant retail.
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