London Land Company LLC of Phoenix spent $1.4 million for the land at the northwest corner of 99th Avenue and Buckeye Road and soon plans to begin courting several fast-food franchises and local developers to turn the site into a commercial center. Steven Schnitzer with Coldwell Banker Commercial in Phoenix tells GlobeSt.com that the new owner expects to begin selling off the property by next summer...once Tolleson officials approve a site plan for the intersection.
"It's a great site," Schnitzer, who negotiated the sale terms for the buyer, says of the location along Tolleson's central corridor. The city originally zoned the parcel for industrial use when retailer JCPenney bought it almost 20 years ago for a planned distribution center that was never built. The property was rezoned for commercial use by the new owner at the urging of city officials who wanted to see the area develop as a commercial center, he says.
"It's ripe for this type of development and I think the city recognized that," says Schnitzer, noting the area, which sits within a mile of 4.5 million sf of industrial buildings and 2,500 employees, offers few commercial amenities for residents.
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