(To read more on the industrial market, click here.)

PHOENIX-Lauth Property Group has sold 17 acres, bought about two years ago near Sky Harbor International Airport, for $7.62 million in an off-market trade with LNR Properties of Newport Beach, CA. The new owner is planning to build 246,000 sf of industrial condo space.

Word is that ground will break soon on Washington Airport Center, which will be marketed at $110 per sf. The development is scheduled for completion in early 2007.

The Indianapolis-based Lauth had acquired the land at 3502 E. Washington St. for $2.9 million and opted to resell quickly because the company no longer needed it. “They bought another site nearby, then another 100 acres on the west side,” says Mark Krison, senior vice president for CB Richard Ellis in Phoenix. “It became reasonable to take a quick profit on the deal, go away and build another project in Las Vegas.”

Though the deal was off-market, Krison tells GlobeSt.com that a lot of interest was generated when word got around that the land was available. He and CBRE senior vice president Bob Crum identified up to 21 prospects for the land. “There’s a lot of user activity in this part of the market,” Krison says.

Krison and Crum also are marketing the condo space. Krison says the project’s completion is expected to stimulate even more interest in the area. “Our smallest bay will be 13,500 sf and up, which is what the market is looking for,” he says, adding the location will be a good selling point as well. “Everyone in Phoenix wants to be by the airport.”

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