PHOENIX-Riding an anticipated wave for a soon-to-be-developed Wal-Mart, Eastbourne Investments Ltd. has purchased a 24-acre parcel for $6 million.

The acreage, sold by TL Investments 35th and Southern LLC in Phoenix, takes up the northwest corner of 35th and Southern avenues, across the street from a proposed Wal-Mart. A groundbreaking date has yet to be declared.

According to Frank Egan, president of the Williamsville, NY-based Eastbourne, there are no immediate plans to develop the land although several options are being considered. And, he says, many letters of intent have been received. "Given the nature of the 24 acres, it'll end up being around 267,000 sf of retail," he tells GlobeSt.com. "We're talking to potential users right now. We're also talking to some folks about potentially selling and having them develop the property." He says a decision to sell or develop will be made within the next year.

"The housing growth in the immediate area is really impressive, probably as dynamic a residential growth as anywhere in Phoenix," Egan says. "Being at an intersection with the Wal-Mart will also be a great retail draw."

Randy Titzck at Hogan & Associates in Phoenix brokered the deal for Eastbourne, with an acquisition loan of $4 million from Commercial Federal Bank in Tucson. John Stewart with GMAC Commercial Mortgage Corp.'s Denver office arranged the financing.