TOLLESON, AZ-After owning 75 acres in the Ryan West Business Park for more than 10 years, Tolleson Acquisition Co. has acquired the adjacent 16-acre tract for $1.5 million.
The land at the northwest corner of Latham Road and 83rd Avenue is zoned for light industrial and retail uses, says Allen Lowe, a principal with Lee & Associates Arizona. "This piece of land with its retail zoning did not fit into Ryan's game plan," Lowe tells GlobeSt.com. The seller, Ryan Cos. of Minneapolis, was represented by Pat Feeney and Dan Calihan with CB Richard Ellis Inc.'s Phoenix office.
"They're going to hold the land for a while," Lowe says, describing the Santa Ana, CA-based investment group as a land speculator. "The demand is not quite there yet for retail, but there's a lot of growth and activity in Southwest Phoenix so the rooftops will come."
The 16-acre tract has retail frontage on 83rd Avenue and sits at a major interchange with Interstate10, says Lowe, who teamed with Lee & Associates' Bill Gosnell to broker the buy side. "It's a good location," Lowe adds.
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