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Developers Buy 145-Acre Farm for $9M

PHOENIX-Buzz Oates and EJM Development will build out the Southwest Valley land with a spec industrial park after polishing off an acquisition of a rare infill site for bulk distribution warehouse and office product.

By Lee Simmons | Updated on April 22, 2004

PHOENIX-Until just last year, the Brooks family grew alfalfa on its 145-acre farm at Van Buren Street and 75th Avenue. Now, Buzz Oates of Arizona and EJM Development have laid down $8.5 million for the land to develop industrial and office buildings on a speculative basis.

“It’s a gateway site. It has direct freeway access on a full-diamond interchange with 75th Avenue,” Tony Lydon, a senior vice president with Grubb & Ellis/BRE Commercial’s Phoenix office, tells GlobeSt.com. “It’s the largest parcel of industrial dirt to be developedin that capacity.”

The land, owned by Brooks Properties Ltd. since the late 1800s, is presently zoned for residential development. Buzz Oates and EJM split the purchase equally, Lydon says, with Oates taking the northern half of the site and EJM getting the southern half. Both buyers are confident the site can be rezoned for industrial development.

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