PHOENIX-Business Real Estate Weekly reports that locally based Wentworth Property Co. has partnered with Clarion Partners LLC in New York City to build a 900,000-square-foot industrial park, dubbed Rio Salado Commerce Park, approximately one mile south of Sky Harbor International Airport. The article notes that the partners paid $9.3 million to buy the 59.5-acre site from Behringer Harvard.

The project at 24^th Street and the Salt River has an estimated all-in price tag of $60 million. Construction is anticipated to begin this fall. BREW reports that the industrial park will be developed in phases, and will include spec construction. The first phase could include two or three buildings measuring between 140,000 square feet and 280,000 square feet.

Allen Lowe and Jeff Conrad of Lee & Associates Arizona Inc. negotiated the land transaction. Lot sizes range from 3.5 acres to 9 acres at a cost of approximately $1.2 million to $2.7 million. Read more about the story here.