TOLLESON, AZ-In its first Arizona acquisition, the Atlanta-based Seefried Properties Inc. has paid $3.33 million to buy 10.25 acres for a spec industrial development. The plan is to break ground in early January on the 156,000-sf Tolleson Business Center, with delivery scheduled for midyear.
All-in costs for similar projects have ranged from $55 per sf to $60 per sf for the far west submarket, where leased space is tagged on average at 60 cents per sf. Tolleson Business Center will be situated at 83rd Avenue and Van Buren Street.
Jeff Stapley, associate with Cushman & Wakefield of Arizona Inc., says in all likelihood that Seefried's spec plan could be leased up by the end of 2008. "With traffic congestion growing in Phoenix, developments in the far western area are becoming more popular," Stapley tells GlobeSt.com. "This project allows a truck driver to come from Southern California and back in less than 10 hours."
The buildings will be close to twins, each about 78,000 sf. Stapley says the plan is to go after players interested in larger blocks although the space is divisible down to 5,000 sf. He and C&W senior director Robert Stephens are preleasing the development.
Stapley says the City of Tolleson was particularly helpful with the approval process. "Tolleson has an overall plan that works well with industrial developers," he says.
Stapley adds that Seefried Properties is looking for more Arizona land to buy. C&W associate directors Paul Tuchin, D.J. Mahoney and Stephens represented Seefried in the land transaction. General Development Co. of Southfield, MI was the seller.
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