(Read more on the industrial market.)
CASA GRANDE, AZ-A 105-acre tract has traded hands for $5.3 million. An area partnership plans to develop part of the land, predominately zoned light industrial, and sell the balance for $120,000 per acre.
One of the buyer's partners, Pepsi-Cola Bottling Co. in Tucson, is taking 10 acres to build a distribution facility. Kris Martin, senior associate with Grubb & Ellis/BRE Commercial LLC's Phoenix office, says the beverage company, a subsidiary of Purchase, NY-based PepsiCo., will break ground on 35,000 sf in the first half of 2008, but may add to its space in the future. The other partner, Arizona Land Group LLC of Phoenix, will horizontally develop the remaining acreage.
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