Bob Kling and Rick Lee, both of Phoenix-based Lee & Associates Arizona represented the seller, Ryan Cos., headquartered in Chicago. Kling tells GlobeSt.com that Hoyt was eyeing the property for some time, but the timing and the pricing were not right until now.
Ryan bought the parcel about a year ago, says Kling. Then, the well-known developer set about getting it rezoned for flex projects. In the interim, Ryan bought other land and got sidetracked in other projects. With Ryan's priorities changed, Hoyt approached the developer and started talking. A deal was struck and Hoyt, as usual, paid cash, says Kling. The trust used in-house representative to negotiate the acquisition.
Hoyt owns about two million sf of industrial property, equally split between Phoenix and California. Kling says Hoyt satisfied a 1031 Exchange from the sale of a California property by acquiring the Phoenix land. Hoyt's plan is to sit tight for awhile and then build out the tract with traditional office/warehouse, using a design with a 20% to 80% ratio.
The land market, Kling is quick to point out, is maturing in Phoenix and making it more difficult to find space for large industrial developments. And this, he says, "is one of the last big parcels left in that area.
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