(Read more on the industrial market.)
DEER VALLEY, AZ-Discount Tire Co. has paid $11 million to Panattoni Development Co. for 81,477 sf in five buildings or half of the just-completed first phase of Alameda Business Park. Move-in is planned for early 2008.
James Keeley, founding partner of Colliers International Inc.'s Scottsdale office, says Discount Tire required the space for expansion. The buildings at 2030-70 W. Alameda Rd. and 24340-60 N. 20th Dr. will be used to warehouse inventory.
“The company's corporate headquarters is in Scottsdale Airpark and Deer Valley is a short distance from there,” Keeley adds. “They have a lot of employees living over in that area, which was one of the major reasons why that site was selected.”
Darren Tappen, a Colliers associate vice president who represented Sacramento-based Panattoni, says the Discount Tire transaction is paving the way for others that will close in the near future. There are five more buildings, totaling 81,477 sf and identical designs to the first phase: 32,008 sf, 13,181 sf, 11,782 sf and two with 12,253 sf each. Tappen tells GlobeSt.com that an offer is pending for the 32,008-sf building while interest has been strong for the other four structures.
“This has been a market in which it's tough to sell anything before things are built,” Tappen acknowledges. “We've seen activity and interest increase since the buildings came on line.” He says Panattoni could begin the permitting process for the park's 180,000-sf second phase as early as the end of this year.
Colliers senior vice president Mike Kane teamed with Keeley to represent Discount Tire and also partnered with Colliers' brokers on Panattoni's side of the talks. The seller's team included Colliers senior vice president Bob Lundstedt and associate vice presidents Mike Ciosek and Eric Bell.
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