(Read more on the industrial market.)
PHOENIX-The finish was barely dry on the 604,500-sf Buckeye Onewhen it was sold to Duke Realty Corp. for $30 million. The emptydistribution center was developer Alter Group's first constructionin its 162-acre Buckeye Logistics Center, but won't be itslast.
Patrick E. Gallagher, senior vice president for theChicago-based developer, says his company's method of staking outland, building on it, then selling upon completion rather thatlease-up isn't unusual, especially for large, bulk distributionprojects similar to Buckeye Logistics Center. "We've done this inCalifornia, where we'll sell these to pension funds, withleasebacks on occasion," explains Gallagher. "But it's differenthere, being that a REIT bought the building."
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