Little Rock, AR-based Acxiom purchased 18.5 acres at the southeast corner of 7th Street and Loop 101 in Deer Valley, which lies north of Phoenix. The seller is Orsett Southwest Ltd., a Wellesley, MA.-based developer. Orsett purchased the parcel, along with another 1.5 acres, in March. Orsett is in escrow with another buyer on the 1.5-acre parcel.
Acxiom also purchased Orsett's building plans for the site, two, two-story buildings totaling 200,000 sf. Orsett will remain as the development manager for the Acxiom project, which is scheduled for completion next spring.
"This transaction is a great example of what happens in a very tight Deer Valley office market," says Ashley Brooks, Jr., associate director of Cushman & Wakefield, which represented Orsett in the negotiations. "When Acxiom could not find expansion space readily available, it shifted plans and decided to purchase land to develop its own facility."
Acxiom currently occupies 60,000 sf of space near the new development. Morh Partners represented Acxiom in the negotiations. Butler Design Group of Phoenix will serve as architect for the project.
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