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FOUNTAIN HILLS, AZ-In its fourth deal in the Phoenix marketplace, Atlantic States Bank has purchased 1.3 acres at Four Peaks Plaza in Fountain Hills in a $1.3-million deal for yet another location for subsidiary, Ironstone Bank.

The parcel, located at the southwest corner of Saguaro & Shea Boulevard, was selected by the North Carolina-based financial institution because of the area’s strong demographics, Chris Gerow, with NAI Horizon’s Phoenix office, tells GlobeSt.com. Construction on the 5,000-sf bank building is slated to begin within the next month with completion slated for sometime later this year, he said.

In addition to Ironstone Bank, the plaza is home to a Target, Pier 1 and Ross Dress for Less. The bank’s new location will be the fourth in the Scottsdale and Fountain Hills area.

Gerow, along with Shelby Tworek, also with NAI Horizon, represented Atlantic States Bank in the land deal. The seller, Kimco Barclay, was represented by Chris Gerardo with DeRito Partners of Phoenix.

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