Transportation Property Co., a Del Mar, CA-based developer, and Bremco Construction, a Long Beach, CA-based general contractor, purchased a 30-acre site at the southwest corner of 43rd Avenue and Mohave Street for $2.164 million.
The parcel was sold by Buzz Oates Enterprises Arizona. The 30-acre parcel is part of a 90-acre parcel that Buzz Oates purchased from Revlon Corp. earlier this year. Buzz Oates has completed the first of two 331,000-sf distribution buildings on the remaining 60 acres and began tilt-up construction the second today.
The sale was negotiated through the Phoenix office of CB Richard Ellis.
The California joint venture is developing the project in a pre-sale deal with Consolidated Freightways of Menlo Park, CA. CF is one of the largest trucking companies in the nation. The sale should be completed early next year, with completion of construction. The 120-door warehouse facility will serve as a regional distribution center for CF.
Development cost of the trucking facility is estimated at $7.5 million, including the land purchase price.
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