Buckeye Logistics Center, situated at Buckeye Road and 67th Avenue, was platted for 1.6 million sf. "We weren't planning to add additional acreage in the beginning, but when we saw it was available, we took the opportunity to buy it," Pat Gallagher, senior vice president of Chicago-based Alter Group, tells GlobeSt.com.
Gallagher says the space will come out of the ground as 60% to 65% speculative, with the remainder dedicated for build-to-suits. Once complete, the park's value is anticipated to exceed $170 million. Construction will begin in June on a 640,000-sf spec warehouse, designed by Hill Pinckert Architects Inc. of Newport Beach, CA.
"With our initial acreage, we were limited as to the amount of build-to-suit product we would develop," Gallagher explains, "but this land gives us additional space to build. While it'll extend the build-out time by possibly a couple of years, it'll also allow us to pursue additional large build-to-suits." The Phoenix team of Pat Harlan, Steve Sayre, and Lindsay Erickson with Cushman & Wakefield of Arizona, Inc. is leasing the development.
Jason Klonoski of Morgan Realty Partners of Westmont, IL represented Alter Group. The sellers were represented by Arizona Land Advisors LLC of Scottsdale.
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