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Rucker Development Bags Retail Development Site

MESA, AZ-Using 1031exhange funds, a family investment group from Seattle buys 17 acres from First Industrial for $6.3 million. The land will be banked for three to five years

By John McCloud | Updated on June 30, 2008

MESA, AZ-El Coyote LLC, a family investment group from Seattle, has paid $6.3 million for 17 acres where it plans to build a high end retail center for the market. However, the buyer plans to hold the site for several years before moving to development.

The seller was FR/CAL Ellsworth LLC a subsidiary of Chicago-based First Industrial Realty Trust Inc., which is developing a 270-acre business park on land surrounding the just-sold northeast corner of Ellsworth and Elliot roads. According to Brent R. Moser III with Phoenix-based Grubb & Ellis/BRE Commercial LLC, two other parties also made offers for the property.

Moser says First Industrial opted to go with El Coyote because it could close quickly. “We didn’t feel comfortable with a couple of the groups, primarily due to the time needed for an escrow,” he says. “This group was able to step in and do a quick turn-around.” The Grubb & Ellis team included Michael Sutton, Michael Haenel and Andy Markham.

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