Walters' affiliate Mutual Development Co. LLC acquired thesouthwest corner of Litchfield Road and Interstate 10 through anentity known as Walters Litchfield LLC. Steve Fernandez, AndrewFosberg and Claudia Jara with CB Richard Ellis in Phoenixrepresented the buyer. Josh Cameron and Scott Truitt with WesternLand Co. in Peoria, AZ represented the seller, Saratoga LandCo.

"It's a key freeway intersection a block or two from the heartof Downtown Goodyear," Fernandez tells GlobeSt.com. "With all thethings coming on line out there, the buyer saw this as a rareopportunity. There's so much office, retail and residential goingup in the area. Sites like this are hard to find."

The new owner's plans for the site include development of twothree-story class A suburban office buildings totaling 180,000 sf,77,000 sf of office condominiums, 70,000 sf of retail space with28,000 sf of pad sites and two business-class hotels. Constructionwill begin in April 2008, with completion anticipated formid-2009.