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$2M Buys Three Development Sites

GLENDALE, AZ-A savings and loan subsidiary purchases 7.6 acres in the Talavi Business Park for $1.8 million for development sites for build-to-suit and speculative flex office/industrial projects. The deal marks the buyer's entrance into the Phoenix market.

By Lee Simmons | Updated on June 17, 2004

GLENDALE, AZ-A California savings and loan association has purchased 7.6 acres in the Talavi Business Park for $1.8 million for development sites for build-to-suit and spec office/industrial buildings. The all-cash deal culminates 2.5 years of marketing the site.

“They do plan to do a facility for themselves on one of the pieces. We are still in the state right now of trying to figure out what they would do for spec product,” Pete Klees, a senior vice president at Grubb & Ellis/BRE Commercial, tells GlobeSt.com about the market inroad by Newport Beach, CA-based DSL Service Co., the real estate arm of Downey Savings and Loan Association.

First Industrial Realty Trust of Chicago spent 2.5 years marketing the three lots at the southeast corner of 59th Avenue and Bell Road. Escrow with DSL lasted 40 days.

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