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PHOENIX-A private investor from Chatsworth, CA, has purchased 7.1 acres of industrial-zoned land for $1.2 million from a limited liability company based in Scottsdale. The buyer plans to build out the land with multi-tenant space.

Richard Sheinfeld acquired acreage at 4821-4841 and 4901 W. McDowell Rd. and 4822-4840 and 4914 W. Brill St. A groundbreaking date has not yet been set.

Rick Danis, senior associate with Grubb & Ellis/BRE Commercial LLC in Phoenix, says the property “sold very quickly, almost within a matter of days.” Not only does Sheinfeld own several business parks in the area, but he also has one right down the street, Danis says.

“The sellers had been hanging onto this property for some time,” Danis tells GlobeSt.com. “They decided to move on. The market is strong and they saw it as a good opportunity.”

Danis and colleagues Paul Boyle and Tony Lydon represented the seller, Palo Cristi Santa Fe LLC. Marc Hertzberg, another member of the Grubb & Ellis/BRE Commercial industrial group, brokered the acquisition for buyer and will be handling preleasing when the development plan is firmed up.

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