The Scottsdale-based developer is set to close within a month on the 25-acre site at the northeast corner of 75th Avenue and Van Buren Street in Phoenix. The sale price is $1.4 million.
The Mack Co. plans to build three industrial buildings on the site of 153,000-sf, 136,000-sf and 119,000-sf, in that order of development. The developer plans to finance the project itself.
The first of the buildings would be ready for occupancy by mid-2001. Tenants of 35,000-sf and larger are being sought for the first building, and those with needs of 10,000-sf and higher for the remaining two buildings. The Phoenix office of Grubb & Ellis negotiated the land sale and is handling the leasing of the second and third buildings.
Rising land prices in other parts of the Valley have driven much of the industrial development to the West Valley, which has plentiful available land and good freeways access.
The property, owned by the Kahn family trust, is just one-half mile south of Interstate 10 and the expanding Agua Fria Loop 101, which runs north/south through the West Valley, connects to I-10 at about 97th Avenue.
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