The land is situated on the southwest corner of Recker andThomas roads and is the front door to Mesa's Red Mountain Ranch andLas Cintas golf course communities. Gary Tenney of ColliersInternational's Phoenix office, represented the buyer, SMTInvestors, a well-known Phoenix-based group with numerous holdingsin the region. Tom Young of NAI/Horizon in Phoenix acted on behalfof the seller, Falcon Corner Ltd., partners.

The buyers already are engaged in preliminary talks with theCity of Mesa to rezone the tract from residential to commercial.Tenney says the future development will be a combo of office, flexindustrial with a spattering of retail. The rear buildings won't bethe typical back-office structures due to the demographics of thehigh-income area. The frontage is reserved for office and retaildevelopment and brings a first to that section of the Falcon Fieldsubmarket where residents have lobbied against retail projects,says Tenney.

SMT paid what the buyer was asking, a price that has gone downas the land laid dormant because the asking price was consideredtoo steep by would-be developers, according to Tenney. The buycomes about a year before the delivery of the Red Mountain Freewaysection of Loop 202, which is about a mile away. That completion,he says, is sure to spark additional office development in thecorridor.

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