In an unincorporated portion of Maricopa County bordering Surprise, three land parcels totaling 54.5 acres were recently purchased for about $6.2 million by Cherry Properties, LLC of Scottsdale, which hopes the land will become retail shopping centers within the next five years. "It's just farmland," John Bullington, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com of the commercially zoned parcels. The tracts are located at the northeast corner of Sarival and Peoria avenues; the southeast corner of Sarival and Cactus avenues; and the northwest corner of Reems Road and Peoria.
Bullington said the buyer is a land speculator who will wait until the surrounding area is developed for residential use before selling the parcel to a retail buyer. "Once they turn the farm into homes, the corners will become retail," he said.
Bullington along with Josh Cameron and Susan Mendonca, also with CBRE's Phoenix office, represented the seller, Aranda Properties Inc. of Scottsdale. The buyer was assisted by Walker Commercial Realty of Phoenix.
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