Meanwhile, the developer's unfolding plans for Glendale pushed a closing on the initial land buy. Park West paid about slightly more than $1.1 million to California seller Calvin Gin and his partners. They had owned the six-acre tract in the heart of the city for about 10 years. Dan Salley, senior vice president in Phoenix for Grubb & Ellis Co., tells GlobeSt.com that Park West holds an option for an abutting six acres, owned by someone else.
If the neighborhood center is a go, Glendale can look for a 110,000-sf retail project to rise on the infill site. A strip center most likely would bring a 55,000-sf project, says Salley, who brokered both sides of the land sale. The undertaking is so new that a name has yet to be assigned.
The property neighbors the Glendale Community College and sundry commercial and retail venues. "Retail follows residential and that's real strong here," Salley explains. The best part, he adds, is Park West's buy lies in the growth pattern of the Glendale-Mesa corridor. Park West's target site on the northeast corner of 59th Avenue and Olive is about a mile from a failed plan to build a Wal-Mart on another tract.
Park West Development has been working the region's retail market for 30 years. Sometimes the plan is to build and hold and other times, it's build and sell. In this case, the decision's not yet been made, according to Salley.
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