PHOENIX—Colliers International in Greater Phoenix recently completed the sale of 21.2 acres of land in Tolleson, where a 386,100-square foot cross dock distribution building is to be completed by December of this year.
First Industrial Realty Trust Inc., a Chicago-based publically-traded REIT, purchased the land and teamed up with Merit Partners Inc. of Phoenix to develop the site, located at the northeast corner of 94th Avenue and Buckeye. First Industrial will be the 100% owner of the building and expects to invest a total of $21.1 million in the facility.
The transaction was negotiated by Payson MacWilliam and Don MacWilliam, executive vice presidents, and Jimmy Leaf, associate, with Colliers International.
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