GLENDALE, AZ-A 12-acre parcel at the northeast corner of 59th Avenue and Olive Street will become the home of a retail center and 54,000-sf grocery and drug store by next summer.

Dan Salley, senior vice president for Grubb & Ellis Co. in Phoenix, tells that the land, subdivided into two parcels consisting of 7.5 acres and 4.5 acres, were sold for a total of about $2.9 million after being on the market for about three years.

Park West Development, which originally owned six acres of the site, picked up an additional six acres for $1.18 million from Wayne SIU, then sold 7.5 acres to Albertsons for $1.7 million, Salley said. The grocery chain plans to build a 54,000 sf Albertsons and an Osco Drug store at the site in early 2003.

Park West Development will develop the remaining 4.5 acres into a retail center. Lease negotiations are under way with McDonald’s, Panda Express and several smaller businesses, including a hair salon and tax consultant, said Salley, who represented Park West Development in the transactions. Ed Beeh with DL Slaughter Co. represented Albertsons in the deal.

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