CHANDLER, AZ-As part of an effort to clean house, ExxonMobil Corp. has sold 17.5 acres of a 19-acre parcel for $6.7 million to Opus West Development Corp., which had to beat the ask by $500,000 to win the deal. The remaining 2.5 acres is the future site of an ExxonMobil gas station, which should be completed in the next year.

Located at the southwest corner of Gilbert and Germann roads, the Phoenix-based Opus West is mapping out a mixed-use development for the site. Project details, including a groundbreaking date, are not yet available.

Melinda Korth, senior vice president in Phoenix for Trammell Crow Co., says the Dallas-based ExxonMobil purchased the property in 2000 with 1031 exchange funds. And, she says, it simply is the right time to sell the parcel. "This is a normal process that all companies go through on a regular basis to ensure their units are meeting the template of the current profile of how they operate from a buyer and production standpoint," says Korth, who, with TCC's Barry Gabel, represented ExxonMobil. Opus West was self-represented.

Korth acknowledges the marketing efforts were specifically targeted to developer and investment groups. She tells GlobeSt.com that the property, which was marketed through an open-bid process, which had a $6.2-million minimum, attracted attention from many top developers. "ExxonMobil felt Opus was a quality developer, with the credentials to close," she adds.

Korth says ExxonMobil has additional properties on the market. "We're marketing five closed service stations located throughout the Greater Phoenix area," she says.