Tim Dollander, principal with Diversified Partners, says the Scottsdale, AZ partners paid slightly more than $12 million for a development site at Interstate 10's junction with Watson Road. The seller was Wilson Properties LLC of Phoenix.
The Watson Marketplace plan is so new that an architect has yet to be picked. Zachary Pace with Phoenix Commercial Advisors represented the buyers and will team with colleague Cameron Warrant to prelease it.
Dollander says there are more developments in the pipeline for the long-time partners. Also in the fourth quarter, the joint venture hopes to break ground on the 108,000-sf Cotton Flower Marketplace, a 15-acre project at the intersection of Yuma Road and Cotton Lane in Goodyear. Robert Kubicek Architects & Associates Inc. of Phoenix has designed it. Grubb & Ellis Co.'s Phoenix team is preleasing it.
Dollander tells GlobeSt.com that Diversified and Desert Troon also is negotiating a deal for 14 acres in Laveen. The land acquisition is scheduled to close in the second quarter. "That will be a project anchored by LA Fitness and should hold about 98,000 of retail," he says.
Dollander says Diversified and Desert Troon continue to be on the hunt for more land opportunities. "We don't have specific goals," he says. "We're hoping to be able to get better timing from sellers in this economy and hopefully not as much price pressure on deals."
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