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

GOODYEAR, AZ-In its first Arizona land play, Duke Realty Corp. has purchased 292 acres with the intent to build a mammoth industrial park. The plan calls for four million sf in eight buildings and 50 acres for resale to other developers.

Cotton Lane Business Park’s land and infrastructure costs will total $55 million. The first phase is a 500,000-sf bulk distribution center, which will break ground in June 2007 at the intersection of Cotton Lane and State Highway 85. The space will come on line before 2007 ends.

Kevin T. Rogus, regional executive vice president for the Indianapolis-based Duke, says build-out could take up to six years. “We’ve planned on this being spec and we’ll build as the market evolves,” Rogus tells GlobeSt.com. He says the land, acquired from Woodland Hills, CA-based Voit Development Co., is an as-yet undeveloped location with little else around it.

Pat Feeney, senior vice president with CB Richard Ellis’ Phoenix office, says Duke plans to take on the majority of the vertical development although that could change as the project plays out. “We already have a couple of build-to-suits who are making inquiries to us right now and they’re about 50 acres each,” Feeney says.

Feeney tells GlobeSt.com that Duke’s first land grab was a good one from many angles, primarily due to market conditions and the high demand for industrial space. The property also provides a good layout for large distribution plus it has rail access. “This is really a site that, in the not-too-distant future, will be the center of the action,” Feeney predicts.

CBRE’s Dan Calihan teamed with Feeney to negotiate the land sale plus the duo has been contracted for leasing and development site sales. Mike Freret, Duke’s vice president of leasing and development, will oversee the Cotton Lane Business Park’s lease-up.

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