James Wilson, senior director with Cushman & Wakefield of Arizona Inc. in Phoenix, tells GlobeSt.com that Scottsdale-based Mack Co.'s industrial park at Thunderbird Road and Loop 101 was never on the market. "They hadn't done any leases on this and the first two buildings are just shell," he says.
Wilson says he and C& W senior director Michael Beall told First Industrial's acquisitions team about the property's availability and it was interested enough to make an offer. The first buildings in the 43-acre park were completed in August. It was considered the largest delivery in third quarter 2007 in the submarket.
Construction is under way on the other four buildings. Wilson says they'll be completed by June.
Lee & Associates' Phoenix office is doing the leasing. Although the quoted rates aren't available, flex, high-tech and industrial developments in the northwest submarket are garnering 97 cents per sf, triple net.
According to Transwestern's 2007 yearend report, the submarket's vacancy was 17.7% in comparison to 27.1% in 2006. The submarket has 4.1 million of industrial, of which 736,381 sf is vacant.
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