"It's the 'going home' corner," John Bullington with CB Richard Ellis Inc.'s Phoenix office says of the site at the northwest corner of 51st Avenue and Baseline Road. "It's probably the best corner in the whole area."
The land was sold by the Williams Family Trust of Phoenix to Houston-based Weingarten Realty for $3.2 million, which resold 7.4 acres to Fry's grocery stores for $2.1 million. The grocery chain will develop Laveen's first shopping center on the site with a Fry's grocery store as the anchor.
Bullington says Laveen has become a hotspot for residential and commercial construction in recent years since the city began infrastructure improvements that brought sewer and utility connections to the small farming community at the base of South Mountain. "It may be the hottest area in town right now," he tells GlobeSt.com, adding that since the infrastructure improvements, residential development has boomed in the village.
Bullington represented the Williams Family Trust in the 15-acre sale while John Applebee with Grubb & Ellis Co. bargained for the grocery chain for the 7.4-acre parcel. Weingarten Realty was self-represented.
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