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.

Both corner tracts are framed by the estimated 800-lot single-family development, which started blossoming about five years ago. The land was on the market for about a year, according to Newquist.

Newquist and Ron Ault, also a CB Richard Ellis senior vice president in Phoenix, represented the seller, Parkwood Ranch LLC. Ron Walker of Walker Commercial Realty in Scottsdale acted on the Arizona trust's behalf while Legacy did not use broker representation in the negotiations and subsequent sale.