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MESA, AZ-A Scottsdale investor picked up 15 acres in the path of development with the hope that the $2.3-million price tag would be worth it once the land is resold for future commercial development.

John Bullington with CB Richard Ellis Inc.’s Phoenix office says the unidentified private partnership plans to hold the parcel, located at Signal Butte and Southern Avenue in Mesa, until the area’s growth makes it a prime commercial site.”It’s a great corner,” says Bullington, noting that the site is in the path of future development. “Eventually, there will be some grocery store or home improvement store there, given all the residential growth that will take place in that area.”

Seller Legacy Investments LLC of Phoenix had been looking for an anchor store for the parcel for several years, but opted to sell rather than hold the parcel any longer, Bullington tells GlobeSt.com. He and Josh Cameron, with of CBRE’s Phoenix office represented the seller while Ron Walker of Walker Commercial Realty in Scottsdale handled the buyer’s side of the transaction.

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