X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Wal-Mart Stores Inc. has bought 11.7 acres in Phoenix for its 11th store in the metro. The Bentonville, AR-based retailer is pushing an expansion plan that calls for 45 to 55 new stores and 200 to 210 new “supercenters” in its 2004 fiscal year.

The nation’s largest retailer purchased the land at the southwest corner of 79th Avenue and Peoria from TPI Land Partnership III for slightly more than $1.2 million. Wal-Mart was represented by RED Realty Advisors. Sharon Reeves of NAI Horizon bargained on the seller’s behalf.

The location to be used as a Wal-Mart supercenter will be the chain’s 11th store in the metropolitan Phoenix market. Construction and opening dates were not announced.The land acquisition news came a week after the City of Chandler rejected its second supercenter plan in two years. The stumbling block between the city and developer is a requirement that big boxes be positioned 1,500 feet or more from homes. Wal-Mart, though, has a second Chandler site in its pocket for a 203,000-sf project so the battle is sure to continue.

In a press release, Wal-Mart executives said the Phoenix supercenter plan “represents a continued acceleration of supercenter unit expansion and reflects the strong consumer acceptance and financial results from the format.” Wal-Mart’s 2004 fiscal year began Feb. 1. The retailer’s planned growth for the coming year represents approximately 48 million sf of new space and represents more than an 8% increase over the total built in the 2003 fiscal year, the company said. As of the beginning of the year, the company had 1,603 Wal-Mart stores, 1,179 supercenters, 517 Sam’s Clubs and 36 Neighborhood Markets in the United States.

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?

Dig Deeper

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.