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PHOENIX-A Phoenix real estate investment company has purchased a 10-acre site in south Phoenix where it plans to build a 140,000-sf warehouse.

FBR Investments LLC purchased the parcel at the northeast corner of Hadley and 12th streets for $1.6 million, just north of Buckey Road. The parcel is just west of Phoenix Sky Harbor Airport and south of downtown Phoenix and Bank One Ballpark.

“We have good interest in there,” Jim Stockwell of Ross Brown Partners in Phoenix, which represented FBR in the purchase, told GlobeSt.com. “With the expansion of the airport with the third runway there are a lot of businesses that have been displaced. There is a lot of demand for airport-type use.”

Construction on the 140,000-sf warehouse is scheduled to begin in March, with completion expected by August. The warehouse will have space available down to 12,000-sf bays. The estimated cost of developing the project is more than $10 million.

The parcel was sold by CMC Group Inc. of Denver.

The Phoenix office of CB Richard Ellis represented the seller in the transaction.

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