Patrick Gallagher, senior vice president with Chicago-based Alter Group, says the closings were staggered due to their construction completions. The 303,495-sf warehouse at 6923 W. Buckeye Rd. brought $18.2 million and its 380,740-sf neighbor at 6825 W. Buckeye Rd. sold for $22.9 million. Gallagher says the Alter Group's goal was to sell the buildings before their completion.
Gallagher tells GlobeSt.com that the buildings attracted eight offers during the marketing phase, with Des Moines-based Principal Financial stepping up with the highest bid. The deal was done directly with Principal. "We were fortunate," Gallagher says. "This attracted very qualified buyers."
With four buildings now sold in the 162-acre Buckeye Logistics' first phase, Alter Group is beginning design work on its next speculative project in the park. Gallagher says that construction could launch on another building as early as first quarter 2009.
"We could develop on our own or joint venture with another institutional partner. It hasn't been determined yet," Gallagher says. Alter Group has no plans to hold the speculative buildings, however, but will market them for sale. With 84 acres remaining, Gallagher says there is still room for build-to-suit projects. The land can support up to 1.5 million sf.
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