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GLENDALE, AZ-To take advantage of the area’s westward migration, developer Helmholdt Real Estate has acquired 110 acres from Chicago’s First Industrial Realty Trust Inc. The Peoria buyer has shelled out $36 million for the land, which will be developed with class A office and retail product.

The developer has yet to decide when ground will break at the corner of 99th and Glendale avenues as well as how much will be built of each product type. Trammell Crow Co. senior associate Iain Vasey tells GlobeSt.com that the developer will start the entitlement process in early 2007, setting a plan into motion for a phased build-out. However, the project is still very much in the preliminary phases and doesn’t have a name yet, Vasey adds.

What the land does have, however, is prime location near the Phoenix Cardinal’s Stadium, Westgate City Center, Glendale Arena and other proposed retail projects. With the population moving west and future projections showing a population center on the 101 corridor, “this site is right at the center of it all,” Vasey says.

A class A office development along the corridor will bring its own attractions. “What this type of development does is give companies an opportunity to be close to various amenities,” Vasey continues. “It gives corporate users a real alternative when it comes to office space.”

TCC senior vice president Bo Mills and senior associate John Pompay represented the seller. TCC vice president Don Mudd worked with Vasey on behalf of Helmholdt, which also has developed the 66,100-sf Turnstone Office Park at 17767-17797 N. Perimeter Dr. in Scottsdale and 116,598-sf Thunderbird Office Park at 101 at the corner of 83rd Avenue and Thunderbird Road.

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