Greenwood & Son of Tustin, CA purchased the land in the Elliot Corporate Center from Michael F. Diessner, who had developed a 230,000-sf, back-office building on an adjacent parcel as Phase I of a planned two-building office development. A soft back-office market scuttled Diessner's plans, however, prompting him to put the adjacent property on the market, Insignia/ESG managing director Steve Lindley tells GlobeSt.com.
Situated along Elliot Road east of Hardy Drive near a major retail hub, the land is a prime location for a retail and industrial mix, said Lindley.
Greenwood & Son will hold the land for Sun State Builders, which eventually expects to construct an industrial or office complex on the parcel. Lindley said Sun State has recently purchased several undeveloped acres in the Valley with the intention of constructing future speculative or build-to-suit buildings.
Lindley, along with Insignia/ESG managing directors Tracy Cartledge and Bob Buckley plus associate Greg Mayer facilitated the deal on behalf of both buyer and seller. Assisting in the transaction was Rick Lee of Phoenix-based Lee & Associates Arizona.
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