Dual Closings Put Acreage into Schwab Land Bank

PHOENIX-Dual closings put $6.5 million into the coffer of W.L. Gore & Associates of Newark, DE. The back-to-back signings roll eight acres at the Pointe at South Mountain Business Park into a land bank for Charles Schwab & Co. while another equal size tract, with a 51,000-sf building, allows a Phoenix company to relocate.

The San Francisco-based Schwab paid $2 million for the land, which abuts its 300,000-sf complex in the 300-acre park at 48th Street near Baseline Road, Rick Lee, principal of Lee & Associates Arizona, tells GlobeSt.com. And, MDF Pharma Services put up $4.5 million for the mid-1980s building and land, part of Gore’s original contribution to the business park.

The sales culminate 1 1/2 years of selling Gore’s Phoenix holdings. The manufacturer’s large Flagstaff facility made the Phoenix holdings nothing more than surplus, Lee explains.