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Rreef, Lincoln Partner on $50M Industrial Plan

MESA, AZ-In a complex, all-cash purchase, Rreef takes down 72.3 acres in partnership with Pacific Realty Advisors of San Diego and then sets up a limited liability company with Lincoln Property to build roughly 750,000 sf on 50 acres.

By Lee Simmons | Updated on June 11, 2004

MESA, AZ-A $5-million land play greases the wheels on an estimated $50-million, 750,000-sf project to be built on the site of a former Motorola semiconductor plant.

Rreef of San Francisco and Dallas-based Lincoln Property Co. joint ventured on the purchase and expect first ground to break shortly after New Year’s Day 2005. “It’s a smaller tenant entrepreneurial market, a market with an excellent labor base, a market in which little new industrial supply has been constructed in last 10 to 20 years,” Ashley Powell, Rreef’s development director, tells GlobeSt.com.

The complex, all-cash purchase involved 72.3 acres on the northwest corner of Broadway and Dobson roads, known as Broadway 101 Commerce Park. Rreef set up a joint venture with Pacific Realty Advisors Inc. (PRA) of San Diego to purchase the entire site from Motorola and then created a separate limited liability company with Lincoln so they could develop roughly 750,000 sf of flex and industrial product on 50 acres. PRA is keeping 18.5 acres for a two- to three-year hold before initiating a potential multifamily development. The remaining acreage has been set aside for infrastructure.

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