The land, which was on the market for about 60 days, was sold by Irvine, CA-based American Spectrum Holdings. The company purchased the acreage six years ago with the intention to hold and sell when the time was right, says Steven Schnitzer of Coldwell Banker Commercial Metro LLC who represented American Spectrum along with colleague Don Shikles.
Schnitzer tells GlobeSt.com that the acreage received a lot of interest because it is centrally located and zoned for industrial use. Airport Center Partners plans to develop speculative industrial buildings on the site, located less than one mile from Phoenix Sky Harbor International Airport and easily accessible to Loop 202. Industrial land in Phoenix is in short supply, according to industry experts who say that it sells for $9 per to $30 per sf depending on location.
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