PHOENIX – Locally based Pederson Group has paid $8.5 million for an 18-acre parcel in north Scottsdale and plans to immediately begin construction of a retail center anchored by a grocery store on the site.

Pederson is one of the most active retail developers in this area. Its newly acquired site is in the master-planned community of Grayhawk, at the southeast corner of Grayhawk Drive and Scottsdale Road.

The complex, to be called Grayhawk Plaza, will be anchored by a Bashas’ supermarket. The center is scheduled to open in autumn 2001.

A private group of local investors, known as Grayhawk Investments LLC, sold the parcel with the help of the Scottsdale office of CB Richard Ellis.

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