X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANDLER, AZ-SunAmerica Life Insurance Co. has sold a 6.9-acre parcel from its Westech Corporate Center for $1.2 million to a local developer. The seller has two more land sales in the pipeline for the 130-acre park, which came on line three years ago.

The pending deals for 18- and 23-acre tracts will close in the first quarter. “There’s effectively no land remaining, except for these parcels in escrow,” notes Andy Markham of Grubb & Ellis/BRE Commerical LLC’s Phoenix office who, with colleague Mike Haenel, represented both parties in the transaction. Westcech Corporate Center is located at the intersection of Warner Road and Arizona Avenue.

The newest buyer, Phoenix-based Falcon Airport LLC, plans to develop about 100,000 sf of office and industrial condominiums on its land. A Q1 groundbreaking is planned.

Markham tells GlobeSt.com that the land originally was tagged at $5 per sf. The local limited liability company made the only offer, he says. Markham says he and Haenel, who have represented the Los Angeles-based SunAmerica in the Westech sales, will be preselling the condo space for Falcon.

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?

GlobeSt

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.