Located at Chandler Boulevard and McClintock Drive, near Loop 101, the land represented a good deal for buyer Tharaldson Enterprises Development Co. because of its location on the intersection's northeast corner. Rick Murphy, senior vice president with CB Richard Ellis' Phoenix office, tells GlobeSt.com that while there is 100 acres of land available in the area, height restrictions are enforced because of the nearby airport.

"There's a lot of land on the northwest corner, but you can't get any height because you're in the flight zone from the airport," says Murphy, who brokered the transaction for seller Venice and Main Association LLC. "That's why the northwest corner didn't work out in this case."

He goes on to say that the plot of land offered by the seller had been on the market for years, but during the past three months, interest intensified. "We had three or four different hotel guys looking at it," Murphy says. "Something can be sitting out there for a long time, then suddenly it catches."

Ultimately, the self-represented Tharaldson Enterprises Development beat out other offers because of the company's financial strength. The fact that the firm already has other developments under way in the area didn't hurt either. "They understand what Chandler is all about, and they're one of the largest hotel developers in the country," Murphy notes.

Tharaldson Enterprises Development did not return calls by press time. Assisting Murphy on behalf of the seller were CB Richard Ellis' Bob Pearlstein, Max Bippus and Becky Peixotto.