High-Traffic Corner Commands $1.3M for Five Acres

PHOENIX-Vaughn Development puts up money for the southeast corner of Desert Foothills and Chandler Boulevard in Phoenix's southern sector. Collecting the check is Anxon Development.

By Jennifer Brenner Andrade | Updated on July 12, 2002

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.

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