The first to go was a 15-acre tract on the northwest corner of Southern Avenue and Signal Butte Road. Buyer Legacy Investments LLC of Phoenix is in negotiations with a grocery anchor for a 120,000-sf neighborhood shopping center, Dave Newquist, senior vice president of CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. A construction timeline hinges on shoring up the anchor. Legacy paid slightly more than $2 million for the acreage, which had been in escrow several times to other would-be buyers.

The buying entity is headed by a local physician with a real estate portfolio that spans the office, retail and medical sectors. Legacy also holds title to a 10-acre tract at the intersection of Warner and Cooper in Gilbert, where another retail center will unfold and a shopping center in Mountain Park Ranch.

Also sold was a nearby 14-acre parcel for nearly $1.7 million in a 1031 exchange. The buyer is an Arizona-based trio of trusts that is holding it for investment purposes. "They just bought it out for resale purposes," says Newquist.