The property is located at the junction of South 24th Street and Salt River Basin. The acquisition price was kept confidential, but industrial land in the area has traded for $45 per sf to $50 per sf. The seller's name was not available by deadline.
"This is a market that has our interest, particularly for industrial," Jason Mattox, executive vice president for Behringer Harvard, tells GlobeSt.com. "Site work will begin soon, but there's not a specific date on when a first structure might be started." He says that, while the business park is still in the planning phases, the likelihood is that it won't be completely spec.
According to a release describing the acquisition and development, the site was selected because of its location near the airport, Downtown Phoenix and the Rio Salado Habitat. The land is also within a day's drive of Los Angeles.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.