This time, TradeCor has collected approximately 8.7 acres just north of the northeast corner of Bullard Avenue and McDowell Road and six acres at the southeast corner. The smaller tract is part of a 46-acre plot owned by the Tempe-based seller. TradeCor's expanded footprint puts it in charge of three of four corners in an emerging retail market.
"All of the corners are pads for banks, restaurants and similar retail," says Thomas Woods, EVP in Phoenix for Colliers International, who negotiated the deal. He and Colliers' associate Brian Woods are courting ground-lease deals or buyers for the pad sites. TradeCor is still master-planning the site so Woods says it's uncertain how many pads can be developed or what the asking prices might be.
SunCor plans to build a 350,000-sf power center on its remaining 40 acres. Woods tells GlobeSt.com that a groundbreaking hasn't been set because the developer's still in the preleasing stage. He says, though, there are tenants interested in taking space in the project.
The Bullard Road interchange along Interstate 10 is expected to be completed in late 2008, so it's likely that SunCor and TradeCor will complete their projects in the next 24 months. "That diamond interchange on Bullard is being built in anticipation of Westcorp's regional mall on the northwest corner of Bullard and McDowell," Woods adds. "TradeCor and SunCor are in the right place at the right time with their own developments." The first phase of Westcorp's 1.2-million-sf Market at Estrella Falls, which is under construction, is slated to open in mid-2008.
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