Denro Development, a Phoenix-based retail developer, has bought the land for $3.44 per sf. It is located at the northwest corner of Ray Road and McClintock Drive.
Denro plans to build Copper Point Plaza, which will be anchored by a 62,000-sf Albertsons grocery store. The remainder will be multi-tenant retail and pad sites. The Albertsons is scheduled to be under construction by the second quarter.
Denro has purchased the land from Albertsons, which bought the 14-acre site in March 2000 for $2.8 million. The New Mexico & Arizona Land Co. had been the seller in that transaction.
Chandler, which lies to the southeast of Phoenix, is one of the fastest-growing suburbs in the Valley. It has some of the only vast tracks of available land for residential development and is expected to continue to gain rapidly in population for the next decade. The Phoenix office of CB Richard Ellis, with brokers Ron Ault and Dave Newquist, has negotiated the land purchase.
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