New owners Trillium and JMS Capital LLC are in the planningphases for the land, with ground breaking on North Tatum Boulevardand East Greenway Road site anticipated for summer 2008. The retailportion is scheduled for a 2009 completion while the residentialcomponent is slated to come on line in 2010. In the next sixmonths, the joint venture will have more specifics on the project,including a name, amount of retail space and number of units.

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The Florence/Stewart Trust of Phoenix required the deal to beclosed within 30 days and no due diligence. James Shough, principalwith JMS Capital LLC, says he had no trouble with the strictrequirements--partly because of a longstanding relationship withthe seller and partly because the undeveloped land attracted manyoffers.

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"This land is an infill area. To find close to 20 acres in themiddle of such a highly developed area is hard," says Shough, whois part of the investment group that owns the 315,000-sf Town andCountry Shopping Center at 2021 E. Camelback Rd. "You just don'tfind infill, non-developed land in the middle of the city."

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Shough and Trillium principals David Dewar, Jamie Dawson and KenLosch will begin meetings with Phoenix City Council and itsplanning and zoning department as well as neighborhood groups todetermine the proper development for the acreage. "We want to besure we come up with a good mixed-use site that'll be beneficial tous as owners as well as the community," he tells GlobeSt.com.

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Trillium and JMS are teaming for the first time, but not thelast, according to Shough, who says they are examining otherpotential mixed-use sites. He says the partnership's interest is todevelop lifestyle centers with rental and for sale residentialunits.

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David Headstream, land specialist with Hogan & AssociatesInc. in Scottsdale, AZ represented the buyer. The seller wasself-represented.

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