MESA, AZ-The Phoenix-based North Valley Corporate Center LLC has acquired a 312-acre parcel near the Williams Gateway Airport for $20 million. The firm plans to develop a commercial/industrial project consisting of built-to-suits, speculative facilities and lots for sale.
Groundbreaking on the site, which is at the northeast corner of S. Ellsworth and E. Pecos Rds., is scheduled for early 2007, with an anticipated three- to five-year buildout. According to Mike Haenel and Brent Moser of Grubb & Ellis/BRE Commercial LLC's Phoenix office, the buyer has an additional 230 acres under contract on the northwest corner of Ellsworth and Pecos, with closing scheduled for later this year.
"At that point, he'll have spent about $50 million just in land investment," says Moser, who with Haenel and Andy Markham, represented the seller, locally based Harris Cattle Co. Patti Boyd-Gentry and GeeGee Entz of Coldwell Banker Commercial/Phoenix represented the buyer.
Moser and Haenel tell GlobeSt.com that the owner will likely sink an additional $30 million for infrastructure development. "There's a lot of additional transportation improvements taking shape in the area," Haenel comments. "There's about $24 million alone invested on Ellsworth Rd. Loop 202 will open in May. All of this is changing the complexion of the area dramatically."
The other aspect of the area is strong residential growth, Moser adds. As a result, "This is the corridor where we think employment is eventually going to be. Instead of making long commutes, I think we'll see the transition where people are commuting for 15 to 20 minutes to the Gateway Airport area to get to work."
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