Los Angeles-based Chandler Associates LP paid $4.8 million for the Carefree Highway and 27th Avenue acreage in North Phoenix's master-planned community of Canyon Crossing, but the partnership has no plans to begin construction on the site anytime soon, Van Robinson, with Sperry Van Ness, tells GlobeSt.com. "They're going to let the area mature before they make any decisions," he says about the development possibilities for the site, which will be known as North Fork at Canyon Crossroads.
Seller Canyon Crossroads of Phoenix accepted Chandler Associates' unsolicited offer for the land, which is set amid the 240-acre Canyon Crossings and near at least two other master-planned communities now on the drawing boards. Robinson and Mike Kane, with Colliers International in Phoenix, handled the sale for the buyer while the seller represented itself in the transaction.
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