PHOENIX-With plans to expand in the Valley, Costco Wholesale Corp. has paid $10.4 million for 16.1 acres in the 22-acre Cave Creek Marketplace in North Phoenix. The discount retailer plans to develop a 130,000-sf warehouse store at the corner of Loop 101 and Cave Creek Road.

The Issaquah, WA-based Costco has 10 stores in the Valley, but was looking for another location in North Phoenix, says Larry Zebe, a broker with De Rito Partners Inc. He and Judi Butterworth, also with De Rito Partners, represented the seller, Opus West Corp., in the land trade. Costco, represented by Greg Laing of Phoenix Commercial Advisors, plans to open 20 stores this year in the US.

In addition to the Costco store, Cave Creek Marketplace will have three out-parcels and 22,000 sf of small shop space, according to Zebe. The Costco store, scheduled to open by year’s end, will receive nearly $1.5 million in sales-tax refunds from the city, according to industry experts familiar with the deal.

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