Search
 

La-Z-Boy B-T-S Will Rise in Cotton Center

PHOENIX-SunState Builders pays about $3.2 million for 10 acres, getting a building site for a franchisee's distribution center and an option on another four acres for another build-to-suit or speculative project.

By Lee Simmons | Updated on June 21, 2004

PHOENIX-A Tempe developer has purchased about 10 acres for $3.2 million to construct the build-to-suit for a local franchisee of the Monroe, MI-based La-Z-Boy furniture company. The Cotton Center project will be on line in early 2005.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.