PHOENIX-A couple of years after acquiring 80 acres in the Deer Valley submarket, Turner Real Estate Investments has launched construction on an eight-building, speculative development. The light industrial park, dubbed Turner Spectrum Ridge at Deer Valley, will target smaller users by offering space ranging from 11,000 square feet to 20,000 square feet.

The development at the southeast corner of 7^th Street and Deer valley Road was once envisioned as a mixed-use retail and office park operating under the name of Spectrum Ridge, or Spectrum Ridge at Deer Valley. However, due to the financial meltdown, owner Vazza Co. lost the land to foreclosure. Before closing, however, the owners sold 12 acres, which became the Federal Bureau of Investigation's regional headquarters.

“Turner Spectrum Ridge is the first Class A industrial development to break ground in the Deer Valley submarket in eight years,” says Kent Turner, director of marketing for Turner Real Estate Investments of Newport Beach, CA. “We believe that with the increased demand from buyers and the lack of available properties in area, the market is ready to accommodate this new development.”