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

The Florence/Stewart Trust of Phoenix required the deal to be closed within 30 days and no due diligence. James Shough, principal with JMS Capital LLC, says he had no trouble with the strict requirements--partly because of a longstanding relationship with the seller and partly because the undeveloped land attracted many offers.

"This land is an infill area. To find close to 20 acres in the middle of such a highly developed area is hard," says Shough, who is part of the investment group that owns the 315,000-sf Town and Country Shopping Center at 2021 E. Camelback Rd. "You just don't find infill, non-developed land in the middle of the city."

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

Trillium and JMS are teaming for the first time, but not the last, according to Shough, who says they are examining other potential mixed-use sites. He says the partnership's interest is to develop lifestyle centers with rental and for sale residential units.

David Headstream, land specialist with Hogan & Associates Inc. in Scottsdale, AZ represented the buyer. The seller was self-represented.