Steven Schwarz, Hewson's COO, tells GlobeSt.com that his firm had owned the parcel for several years and tagged it for either a build-to-suit or land resale. With Scottsdale's office market soft right now, the firm had to decide whether to hold the property for future development or find a buyer. "We decided to sell the property and move on to other development opportunities," Schwarz says.

Plaza Cos.' intent is to build a three-building medical center on the site. The 86,000-sf Princess Medical Center project is supposed to break ground in January 2003, with delivery anticipated in November 2003. About 30,000 sf has been pre-leased, according to the developer.

The buyer of record, Princess Medical Center LLC, and seller of record, H-B Perimeter II LLC, used in-house representation to negotiate the deal. Schwarz says the tract was on the market informally for about six months. Princess Medical was the first real taker to surface, attracted to the acreage for its highly visible location and easy freeway access.

Hewson owns one other tract in the 260-acre Perimeter Center. The land houses a 66,000-sf office building. And that, says Schwarz, will stay in Hewson's hands.