The pending deals for 18- and 23-acre tracts will close in the first quarter. "There's effectively no land remaining, except for these parcels in escrow," notes Andy Markham of Grubb & Ellis/BRE Commerical LLC's Phoenix office who, with colleague Mike Haenel, represented both parties in the transaction. Westcech Corporate Center is located at the intersection of Warner Road and Arizona Avenue.
The newest buyer, Phoenix-based Falcon Airport LLC, plans to develop about 100,000 sf of office and industrial condominiums on its land. A Q1 groundbreaking is planned.
Markham tells GlobeSt.com that the land originally was tagged at $5 per sf. The local limited liability company made the only offer, he says. Markham says he and Haenel, who have represented the Los Angeles-based SunAmerica in the Westech sales, will be preselling the condo space for Falcon.
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