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(For more retail coverage, click GlobeSt.com/RETAIL and the industrial market, click here.)

TOLLESON, AZ-General Development Co. of Detroit has acquired 14.5 acres for a mixed-use development. The buyer, which shelled out $3.18 million for the land, will develop up to 175,000 sf in seven flex industrial buildings and create five retail pad sites.

The just-bought land is situated at the intersection of 83rd Avenue and West Van Buren Street. The as-yet unnamed project will break ground in first quarter 2007. The flex industrial buildings will range from 10,000 sf to 25,000 sf. The retail pad sites will support another 25,000 sf of development.

“There are presales going on and we might end up doing a couple on spec as well,” says Anthony Nocifera with GVA Daum’s Phoenix office. “The goal is to build them, then sell them.” He tells GlobeSt.com that the plan is to invest $115 per sf to $125 per sf to develop the seven industrial buildings and $12 per sf to $20 per sf for the retail pad sites.

Nocifera, who represented seller 83/3 Partners LLC of Paradise Valley, adds that interest in the project has been strong, given its location in the West Valley and the scarcity of quality product. As a result, he adds that General Development is seeking additional land, but has nothing under contract at this time.

Nocifera represented 83/3 Partners two years ago when it bought the land, which is bordered by Interstate 10 on the north and Southern Pacific Railroad on the southern edge. He says the acreage is one of the few remaining pieces of undeveloped land in the area. “It’s getting very tight to find land there as well as other parts of the valley,” he tells GlobeSt.com.

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