A California development company has paid $5.35 million for eight-tenths of an acre on the southeast corner of 48th Street at Elliot Road.
Flair Realty Development LLC of Alhambra bought the site – a 34,848-square-foot parcel that includes the 14,488-square-foot drive-thru Walgreen’s pharmacy and 56 parking spaces– according to the real estate tracker vizzda.com. Flair also has an office in Phoenix.
The pharmacy was built in 2011 and the site on which it stood had been owned by Gilligan Commercial Development LLC of Scottsdale. The land is part of the Ahwatukee Plaza.
Flair Reality, represented in the transaction by a corporate officer named Chun Hsiung Tseng, was formed in 2013, according to California Secretary of State corporation records.
The $5.35 million purchase price represents a sale price of $369 per square foot.
Vizzda said records show Tseng acquired the property with $1.87 million down and a mortgage of just under $3.48 million from East West Bank.
The deal was the second seven-figure sale of a commercial property in Ahwatukee last month.
A convenience store-gas station on the southeast corner of 48th Street and Chandler Boulevard that sold in May for $1.8 million has landed in the hands of a giant restaurant conglomerate for $1.05 million.
Scottsdale-based Unified CRE Partners sold the site to the Dhanani Group of Houston Texas less than five weeks after buying it from a Texas woman, according to vizzda.com.
The Dhanani Group is considered one of the world’s largest restaurant combines with hundreds of franchises for Burger King, Popeyes Fried Chicken and the la Madeleine Baker and Café concepts.
The Dhanani Group currently own and operates 275 restaurants throughout Minnesota, Illinois and Nebraska alone as well as 144 across Texas, according to the company’s website. ′