A&C Properties picked up the parcels, a 4.6-acre plot at the southwest corner of 48th Street and Chandler Boulevard in Phoenix and a 7.5-acre parcel at 55th Avenue and Bell Road in Glendale for a combined $5.5 million in a deal with Continental Properties, Kohl's developer.
Shari A. Tucker with Sperry Van Ness' Phoenix office tells GlobeSt.com that she contacted Kohl's after learning they were moving into the Valley to inquire whether any excess land would be available for sale. When she learned that the chain would be selling off two parcels, she contacted the buyer, who was looking for land for retail development.
Tucker, who represented the buyer in the dual transactions, said A&C Properties of Phoenix plans to develop the abutting land into shopping centers that are expected to be completed later this year. Continental Properties was self represented in the land sale.
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