$2M Project Eyed for $390,500 Land Buy

PHOENIX-Airgas West Inc., a supplier of industrial gases to hospitals, industrial plants and high-technology manufacturers, has bought a 1.5-acre lot for $390,500 inside the University Center. The all-cash deal enables the Radnor, PA-based company to break ground on a 12,000-sf distribution facility.

“What was key for this buyer-user is the central location that the University Center offers. They’re in a position where they can service the entire valley,” Tony Lydon, a senior vice president with Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com about the purchase from SunState Builders Inc. of Phoenix. Located near the corner of University Drive and 14th Street, Airgas West plans to break ground on a $1.5-million distribution facility during the second quarter and open the doors for business by year’s end. The company has sold a smaller building along University Drive to help pay for the site.

The property’s dense zoning also proved valuable in the deal, adds Lydon, since Airgas West’s use requires more than most industrial users typically need. Airgas West requires a very low floor-area ratio. The project will include installation of several outdoor gas storage tanks.