PHOENIX-Business Real Estate Weekly of Arizona reports that CH Realty VI-WPC/I Phoenix 10 West Property I LLC, a joint venture between Crow Holdings Capital Partners in Dallas and local Wentworth Property Co. have spent $11.9 million to acquire 80 acres from El Dorado Van Buren LLC. The partners plan to develop a 1.2 million-square-foot industrial park on the land.
The development will be on the northwest corner of 59th Avenue and Van Buren Street. The all-cash transaction was brokered by Brian Lee of Cassidy Turley Arizona in Phoenix. Butler Design Group in Phoenix is designing the industrial park, which is planned for a Q1 2014 start.
BREW reports that, last October, Wentworth Property agreed to buy the site, contingent on zoning approval that would allow development of various warehouse structures. According to James Wentworth Jr., the partners will develop speculative distribution buildings, look for build-to-suit deals and possibly sell parcels to end users. Lee, Mike Haenel and Andy Markham of Cassidy Turley have the marketing assignment.
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