(To read more on the industrial market, click here.)
MESA, AZ-A limited liability company has rolled another 57 acres into a land assembly just south of Williams Gateway Airport. The build-out plan calls for airport-related commercial and industrial development.
Russ Brandt, president of Blue Chip Land Co. in Gilbert, estimates 60% of the 320-acre assembly is developable. "We're in the process, right now, of planning, with the airport, where easements will be necessary to service our property and that of the airport's," he tells GlobeSt.com. "Once that's decided, we can start moving forward with it." He adds the land and its activities will be overseen by four managing partners, of which he is one.
PR20 LLC from Paradise Valley paid $4.5 million to Harris Cattle Co. for the last 57 acres. The land is bordered by Pecos, Sasaman and Hawes roads. Mike Haenel, Andy Markham and Brent Moser with Grubb & Ellis/BRE Commercial LLC in Phoenix represented the seller.
Groundbreaking plans have yet to be made. Because plans are preliminary, Brandt also couldn't pin down a build-out value for the development, which could take 10 to 20 years to complete.
The recent purchase caps a 20-year buying spree of land that Brandt says was speculation just a short time ago. "It's a matter of buying land in Arizona, then waiting for the people to get there," he says. The recent purchase, he says, "wasn't something we had to have, but fit well into our overall plans."
Brandt says he's already seen a great deal of interest in the property although he and his partners are barely in the planning stages of development. One of the inquiries, he adds, came from Airbus Industries, which had been examining land in Gulfport, MS, but due to the destruction of Hurricane Katrina, is formulating other plans.
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