Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PEORIA, AZ-Two buyers have scooped up near five-acre tracts in Peoria and Phoenix to build speculative and build-to-suit industrial space.

In Peoria, LGE Design Build Corp. of Phoenix purchased 4.9 acres between 78th and 79th avenues at Olive Avenue for $867,000 with plans to build six industrial buildings on a speculative and build-to-suit basis. The seller was a joint venture comprised of Peoria Arizona Land Ventures LLC of St. Louis and KCG Inc. of Lenexa, KS. Peoria sold 3.1 acres while KCG sold 1.76 acres.

“The original plan of the owners was to do some multi-tenant industrial development, but they decided to pursue other opportunities,” Gary Anderson, a senior associate with Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com. “LGE stepped in and purchased the land.”

Anderson says the site in the Peoria Commerce Center received healthy interest from investor-developers and owner-users alike, standing on the market for a year. LGE is planning to break ground by year’s end on the first spec product, a 7,000-sf building. The build-out plan calls for six buildings ranging from 7,000 sf to 10,000 sf. Anderson represented the seller while Chad Neppl and Jeff Hayes, an NAI Horizon team in Phoenix brokered terms for the buyer.

In Phoenix, a 4.8-acre tract sold for $480,000 with Phoenix-based Idealease of Arizona Inc., a subsidiary of Idealease of North America in North Barrington, IL, on the buy side and xxxx as the seller. The firm plans to build a 20,000-sf truck leasing facility. The Southwest Valley transaction includes land for future expansion.

“We knew they were a capable buyer. They came in and agreed to the terms in a timely manner,” Anderson says. Idealease, grabbing land for a new location, will break ground before the year ends.

Located at 86th Avenue and Van Buren Street, the site was on the market 18 months and received several offers before entering a two-month escrow with the trucking firm. Anderson says interest peaked in the last four months of marketing.

Anderson and Tony Lydon of Grubb & Ellis/BRE Commercial represented the seller, Becknell Development LLC of Chicago. Greg Dodge of Grubb & Ellis/BRE Commercial structured the buy side.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.