Seefried's development site at the crossroads of Palomino Drive and Arizona Avenue is excess land from a 35-acre tract that the seller, Hensley & Co., is fitting out with a 215,000-sf distribution center. Mark Detmer, senior director with Cushman & Wakefield of Arizona Inc., represented Hensley, the Anheuser-Bush distributor for Arizona.
"We had about a half dozen offers on this. Seefried was selected based on price, timing and ability to close," says Detmer, who partnered with C&W senior director Bo Mills and director Robert Stephens. Detmer tells GlobeSt.com that Seefried is in the entitlement, permitting and due diligence phases for a two-building, light-manufacturing development. He says construction should launch by late 2008, with delivery anticipated for 2009. Detmer, Mills and Stephens also have the leasing assignment.
Detmer says Seefried likes the Chandler submarket for development because of its 5% vacancy. In C&W's yearend industrial report, the city's 36.87-million-sf industrial inventory had just 1.8 million sf of vacant space and 1.2 million sf under construction. "Those were the drivers," Detmer says. "It's why Seefried felt it might be a good time to build some buildings out there."
Seefried entered the Greater Phoenix market in summer 2007, paying $3.3 million for 10.25 acres in Tolleson for a spec industrial development. Detmer says the company is pursuing other development opportunities in the metro and all across the state.
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