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TOLLESON, AZ-A construction materials and service company has paid $420,000 for about six acres west of Phoenix with plans to build a 30,000-sf to 40,000-sf warehouse.

Banker Insulation has bought a site in the Tolleson Commerce Park, situated at the northwest corner of 86th Avenue and Washington Street. The Phoenix-based firm provides insulation materials and service for homes and commercial construction projects.

The company plans to hold onto the parcel for the next several years, with plans to build a 30,000-sf to 40,000-sf warehouse in perhaps two years, says Matt Hobaica, a broker in the Phoenix office of Lee & Associates, which has represented Banker Insulation in the purchase. The parcel is approximately a mile south of Interstate 10 and less than two miles from the Loop 101 interchange. Broker Skip Corley Jr. of DAUM Commercial Real Estate Services’ Phoenix office has represented seller Mission Business Park LLC.

The company is currently located in a warehouse just north of Sky Harbor Airport in Phoenix. It is being forced to relocate when the city begins construction of the fourth runway, which is expected to begin in about two years.

With the purchase, the 101-acre, 20-lot industrial park is completely sold out. More than 80 acres of the park has been sold in the past 24 months.

In the past two years, the Valley’s southwest area has shown the strongest demand for industrial and warehouse space of any other area. Nearly three million sf of distribution and warehouse space currently is under development in the area. During first quarter 2001, the southwest area had the most absorption of any submarket in the Valley, taking more than 450,000 sf off the block during the quarter.

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