PHOENIX-Vaughn Development has paid $1.3 million for a five-acre tract at the southeast corner of Desert Foothills and Chandler Boulevard in South Phoenix. An Ace Hardware will rise on the infill site.

Dave Newquist with the Phoenix office of CB Richard Ellis Inc. represented the buyer. Mark Bramlett of Grubb & Ellis Co.’s Phoenix office negotiated the deal for seller, Anxon Development. Details about the deal were not available by press time.

The parcel is part of a busy corner that already includes a Walgreens and a Jack-in-the-Box. Chicago-based Ace Hardware has more than 60 Arizona locations and 5,100 plus worldwide. Ace Hardware stores are franchised, with costs ranging from $825,000 to $1.6 million depending on the store. Typical upfront costs run between $150,000 and $250,000 in cash.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.