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MESA, AZ-The Phoenix-based North Valley Corporate Center LLC has acquired a 312-acre parcel near the Williams Gateway Airport for $20 million. The firm plans to develop a commercial/industrial project consisting of built-to-suits, speculative facilities and lots for sale.

Groundbreaking on the site, which is at the northeast corner of S. Ellsworth and E. Pecos Rds., is scheduled for early 2007, with an anticipated three- to five-year buildout. According to Mike Haenel and Brent Moser of Grubb & Ellis/BRE Commercial LLC's Phoenix office, the buyer has an additional 230 acres under contract on the northwest corner of Ellsworth and Pecos, with closing scheduled for later this year.

"At that point, he'll have spent about $50 million just in land investment," says Moser, who with Haenel and Andy Markham, represented the seller, locally based Harris Cattle Co. Patti Boyd-Gentry and GeeGee Entz of Coldwell Banker Commercial/Phoenix represented the buyer.