Gustine Properties Inc. of Pittsburgh, which develops properties for the pharmacy giant, recently purchased 3.5 acres of retail-zoned land at the intersection, known as the Orchards, in a $1.2-million deal with seller, Orchards Development Enterprises of Phoenix.
Mike Clark, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com that the location is still largely undeveloped, with commercial acreage remaining on the other three corners. "When we first looked at it, we felt there were probably more people in the van than in the trade area but it's a fast-growing area with strong housing," he said of the area. The pharmacy is set to open by the fourth quarter of this year.
Clark, along with Darren Pitts and Patrick Sauer, both with CBRE's Phoenix office, assisted the buyer in the land deal. The seller was represented by Dave Newquist, formerly with CB Richard Ellis.
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