The property is located at the junction of South 24th Street andSalt River Basin. The acquisition price was kept confidential, butindustrial land in the area has traded for $45 per sf to $50 persf. The seller's name was not available by deadline.

"This is a market that has our interest, particularly forindustrial," Jason Mattox, executive vice president for BehringerHarvard, tells GlobeSt.com. "Site work will begin soon, but there'snot a specific date on when a first structure might be started." Hesays that, while the business park is still in the planning phases,the likelihood is that it won't be completely spec.

According to a release describing the acquisition anddevelopment, the site was selected because of its location near theairport, Downtown Phoenix and the Rio Salado Habitat. The land isalso within a day's drive of Los Angeles.