Property near mall finally has owner

The Arizona Supreme Court has decided that investors in a California-based company own the high-profile, 10.5-acre parcel Elevation Chandler near Loops 101 and 202. For three years, Point Center Financial of California and Phoenix foreclosure speculator Tom Peltier have been fighting in court over ownership. The court's opinion on Friday ends that legal battle and clears the way for investors to sell the parcel, which has drawn considerable interest from potential buyers. "Even prior to the decision, there have been a few groups following up with us to see if the decision was out yet," said Rene Esparza, Point Center's loan servicing manager and asset manager. Esparza declined to identify prospective buyers or the possible price. A majority of the site's 270 investors, weighted by how much money they have in the project, will vote on whether to sell and, if so, which offer to accept.

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