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Off-Market Sale Produces 70 Acres for Business Park

CHANDLER, AZ-With plans to develop flex industrial build-to-suits, RRS & Co. and LGE Design Build Corp. pay $9.1 million for the lion's share of land that was just bought in February by a pair of well-known retail developers.

By Jennifer D. Duell | Updated on March 25, 2005

CHANDLER, AZ-A Phoenix-based partnership has paid $9.1 million in an off-market transaction for 70 acres, now being laid out as Chandler Commerce Center. The acreage will be used for flex industrial build-to-suit sites.

RRS & Co. and LGE Design Build Corp. pocketed land at the northwest corner of McClintock Drive and Chandler Boulevard. The acreage is part of a 98-acre parcel bought in February for $7.2 million by Oklahoma City-based Sooner Investments and Collett & Associates of Charlotte, NC, both well-known retail developers in the Valley. Represented by Bill Gosnell and Allen Lowe with Lee & Associates Arizona, the sellers are retaining 25 acres for a power center, says Steve Bodeman, an executive vice president and principal with GVA Daum in Phoenix.

Bodeman tells GlobeSt.com that the acreage wasn’t on the market, but he decided to place an unsolicited offer on behalf of RRS & Co. and LGE. “The land has been in limbo for more than 10 years because although it’s zoned industrial, residents in the neighborhood were not in favor of big box distribution centers,” he says.

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