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.
The development team is headed by Kevin Czerwinski, president of Merit Partners and a 30-year veteran of commercial real estate in the Valley. Prior to founding Merit Partners, Czerwinski led the Phoenix region for First Industrial and was responsible for the acquisition, development and sales of more than $1.2 billion of industrial and flex properties.
Sun State Builders of Tempe will construct the class A building. It will offer 36-feet clear height, cross dock configuration and state-of-the-art features.
Mattress Firm has signed a long-term lease for 170,000 square feet represented by Daum Commercial Real Estate Services of Phoenix' Steve Bodeman, executive vice president of Daum in association with Damian Rivera, president of national account services for E Smith Realty Partners of Dallas. Mattress Firm will take occupancy of its lease upon the building's completion.
Colliers represented the owner, First Industrial Realty Trust, in the lease transaction. The remaining 216,000 square feet is available to lease.
“The timing of the new building was perfect for Mattress Firm's expansion from their current location right next door,” says Bodeman.
MacWilliam adds, “The development team was creative to allow this lease to occur.”
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