Via West Properties' acquisition sits at the southwest corner of 71st and Northern Avenues. The plan is to divide the land into tracts, ranging from three-quarters of an acre to four acres, as development sites, says Gary Anderson, a senior associate with Grubb & Ellis|BRE Commercial LLC's Phoenix office. He and Grubb's Tony Lydon represented the buyer while the seller, Eaton Investments used an in-house representative, Fred Brandt, to structure its deal.
"It's a really tight market that is underserved," Anderson tells GlobeSt.com, adding the industrial vacancy rate is less than 4%. He and Lydon also won the marketing assignment. According to Anderson, similar land in the area sells for $5 per sf.
Eaton Investments bought the land about two decades ago, bringing it to market early last year. "There wasn't a lot of interest in the land, but once we tied it up, there was some additional interest," Anderson says. Via West Properties' site plan is awaiting city approval.
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