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GlobeSt.com EXCLUSIVE: $12M Land Sale Closes

PHOENIX-A 156-acre tract at the southeast corner of 7th Street and Deer Valley Road sells to a local partnership that plans to divvy the land and resell it for industrial build-to-suits. The recently rezoned tract has 78 developable acres.

By Jennifer D. Duell | Updated on March 13, 2005

PHOENIX-The last large piece of industrial-zoned land designated for outside storage in the Deer Valley submarket has traded for $12 million to a local land speculator, Carl Spiekerman, and Newport Beach, CA-based Alere Group. The partnership intends to divvy the 156 acres, sold by a Cleveland-based family trust, into build-to-suit tracts.

The seller, Geupal Family Trust, owned the land at least 20 years, says James Bayless, a senior associate in Phoenix for CB Richard Ellis Inc. The acreage, once used for manufacturing concrete, has been rezoned to A-1.

Bayless tells GlobeSt.com that only 78 acres are developable. The land, situated at the southeast corner of 7th Street and Deer Valley Road, will be divided into 54 tracts of one to three acres for resale at $10 per sf to $13 per sf.

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