(For more retail coverage, click GlobeSt.com/RETAIL.)
MESA, AZ-The Saia Family LP, a Tempe investment group affiliated with Integrated Real Estate Services, has added to its holdings in the Phoenix area with a 17-acre acquisition. The $2.8-million purchase has triggered planning for a mixed-use build-out.
The buyer, whose commercial portfolio includes Broadway Plaza and Southern Business Center, plans to develop retail and office space on the acreage, located near the southeast corner of Guadalupe and Power roads. According to James Harper, senior associate with the Phoenix office of Trammell Crow Co., the buyer obtained the land for an outstanding price. "There is a piece to the north that was selling for about $10 or $11 per sf and they're getting around $7.50 to $11 per sf to the south," says Harper, who represented the buyer in the sale. "We stole that piece at about $3.75 per sf."
John Finnegan, vice president of the land division for NAI Horizon's Phoenix office, representing Boyster Dairy LP of Mesa, had the land listed at $4 per sf or $2.96 million. "The buyer's ability to perform in 30 days, not contingent to zoning, and buying the property on a gross basis, made this transaction real attractive to the seller," Finnegan says.
Because it was acquired for such a low price. Harper tells GlobeSt.com that the buyer will hold it for the time being instead of rushing to develop. Harper points out one potential plan is to dedicate three acres to retail and earmark the 14-acre balance for office condos and spec development of "for lease" space. "What we may even wind up doing is carving up a couple of lots, re-platting it and selling it," he adds.
TCC will market the property. The campaign has yet to get under way, but "in terms of real prospects, we have them," Harper says. "We've gotten queries from people looking at build-to-suits, leases and the like. They're buzzing around here."
With the acquisition, Harper says it's unlikely the buyer will pick up more land in the area. "Right now, I think he has his plate full," he says.
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