PHOENIX-A Scottsdale investment company has laid the groundwork for a new business park through a 35-acre, $12.5-million acquisition in the Deer Valley submarket.
Sierra Ventures LLC has gotten control of land at the corner of 19th Avenue and Happy Valley Road to develop the Alameda Business Park. The buyer intends to invest an additional $2.5 million into infrastructure to create 12 lots, ranging from 1.7 to 3.68 acres. The resale prices are being finalized, but land prices in the area are running between $16 per sf and $19 per sf. The buyer began infrastructure improvements prior to closing.
"We're already moving forward with marketing these lots," Bob Lundstedt with Colliers Classic in Phoenix tells GlobeSt.com. "We're already working a deal on a parcel in this park."
Lundstedt, with Colliers Classic's Darren Tappen and Chip Diamond with Diamond Realty in Phoenix represented the seller, Happy Valley Land Holdings Inc. of Rio de Janeiro. Lundstedt and Tappen also handled the buy side.
Lundstedt points out interest is so high for commercially zoned land that three other business parks developed in the past two years in the far north Deer Valley submarket were 90% sold out before their infrastructure could be completed. He believes Alameda Business Park will offer a similar scenario. "This is a hot market. And because of that, the value of the land keeps rising," Lundstedt adds. "We're anticipating these are going to sell quickly."
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