PHOENIX-LaPour Partners has acquired 110 acres in two unrelated transactions. The plots of land in the Deer Valley submarket and Avondale will be developed into business parks, with the all-in development cost set at $100 million.
The Deer Valley property, situated at the intersection of 7th Avenue and Rose Garden Lane, was picked up through a 65-year land lease with the state. Jeff LaPour, president and owner of the Las Vegas-based company, tells GlobeSt.com that groundbreaking for the first phase, about 200,000 sf of mid-bay general industrial product, will take place within 10 months. The as-yet unnamed industrial park eventually will hold one million sf. LaPour estimates the $85-million park will take six to seven years to build out.
In Avondale, at the intersection of 119th Avenue and Interstate 10, LaPour closed on the first 30 acres of an 80-acre takeover from Phoenix-based Marwest Enterprises Inc. The project, Avondale Park, will be mixed-use space that's not slated to come out of the ground until August 2008. In the coming months and throughout 2007, LaPour will focus on acquiring the balance of the land and readying the development plan.
LaPour says Avondale Park's first phase, totaling 120,000 sf, will cost about $15 million to build. But, the entire park will be 800,000 sf in "a combination of industrial buildings for sale, single-story flex space for sale and three-story office buildings for lease," he says.
LaPour says both projects, particularly the Deer Valley industrial one, are being constructed to meet the huge demand. "There really aren't a lot of sites out there to accommodate the big demand for product in that market," he says. The Loop 101 and Seventh Avenue site puts it "close to Scottsdale and the northwest Phoenix markets, which are in need of space to distribute product," he explains. The company's just completed the second phase of the 34-acre, 300,000-sf Pinnacle Park, situated at Pinnacle Peak Road and 11th Avenue.
Bob Lundstedt and Darren Tappen with Colliers International's Phoenix office brokered the Deer Valley deal. Steve Sayre and Pat Harlan with Cushman & Wakefield of Arizona Inc. in Phoenix handled the Avondale deal. C&W will lease both business parks. The general contractor and architect have not been selected as yet for either project.
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