Three commercial land parcels that total 5.3 acres just east of the northeast intersection of Rural and Baseline roads, has sold for $3,200,000. Price per SF was calculated at $13.91 per SF.
The property will be developed featuring two retail components; Alamo Drafthouse, a movie theater and dining concept with another location in Chandler and a retail development dubbed, The Collective, a center featuring shopping and restaurants being developed by LGE Design Build and DBM Ventures.
Lee & Associates Bob Kling represented the buyer Lake Country Retail Partners of Tempe. Greg Valladao of Cushman & Wakefield represented the Seller, LVC Property, Inc., Tempe.
“This sale represents an exceptional opportunity for Alamo Drafthouse to be in a sought-after location which has limited land parcels for development and for the team at LGE Design Build. They are on the cutting edge of some of the top retail destinations in the Valley,” said Kling.