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TOLLESON, AZ-In its largest area land play, Venture Development Group has snagged 33 acres for $7.65 million from Drayton Alldritt of Wichita, KS. The Las Vegas-based buyer has no specific plans as yet for the acreage.

Venture principal Matt Bear says the land, positioned at the junction of 99th Avenue and Van Buren Street, could be used for a mixed-use project, or portions of the plot could be flipped to the right buyer. Sean Gillespie and Nate Nathan with Nathan & Associates Inc. in Scottsdale brokered the deal and now are marketing the raw land for $10 per sf.

“We’re looking at a variety of things; a retail component, a multifamily component and maybe even some office/flex space,” Bear tells GlobeSt.com. He says the amount of space that the land could support is uncertain because plans are still up in the air about the vertical development.

Venture Development, which is developing other retail and mixed-use projects throughout the area, will oversee some development. Bear, however, wasn’t ready to disclose how much his company would hold back. “On that piece, we’ll do whatever makes sense. We’ll sell some and we’ll build some. At 33 acres, there’s some flexibility in planning,” he says.

Bear has a little time to decide on the future of his just-acquired plot because developers are just starting to nibble at Tolleson. As for the just-bought property, “it has good fundamentals,” Bear says. “It’s a mile from Interstate 10. It has good access to local roads. There’s already development around it and more to come.”

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