Chamberlain Development LLC, a purchasing entity representing SunState Builders of Tempe, purchased the site from park owner JDMD-Apollo Venture LLC in Phoenix. Within two months, SunState will start work on an estimated $6-million, 100,000-sf facility just east of the northeast corner of 40th Street and Roeser Road and then lease it to the La-Z-Boy franchisee for 10 years, Steve Mardian, a senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com.
"They paid a pretty good price and put a nice name company in the park and that will hopefully help attract other buyers down the road," Mardian says. The parcel was on the market several years. Escrow lasted about 90 days.
SunState also got an option for another four acres, according to Mardian, who represents the park owner along with Brian Lee of Grubb & Ellis/BRE Commercial. The land is ticketed for another additional build-to-suit or even a speculative project. The deal takes the 280-acre Cotton Center development down to just 19 acres left to sell.
The buyer's broker, Bob Crum, a senior vice president with CB Richard Ellis Inc.'s Phoenix office, says it's "a classic case of him making a buy that is the best location you can have for metro-Phoenix distribution."
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