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First Industrial's Quick Move Nails 160 Acres

BUCKEYE, AZ-The REIT's ability for a quick close gets a $2-million discount to the $12.5-million ask. The site sits at the crosshairs of a to-be-built I-10 interchange.

By John McCloud | Updated on December 26, 2007

(Read more on the industrial market.)

BUCKEYE, AZ-A limited liability company formed by Chicago-based First Industrial Realty Trust Inc. has paid $10.5 million to purchase 160 acres at the northwest corner of Van Buren Street and Perryville Road. The seller, Phoenix-based Courtland Properties LLC, had planned to use the site for residential development, but the city’s decision to change the area’s preferred use in its new general plan prompted it to sell.

George Quintif, president of Peak Group LLC in Phoenix, represented First Industrial in the transaction. He says the company acquired the site for $2 million less than the $12.5-million ask because it had the resources to quickly close the deal.

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