(Read more on the industrial market.)
CASA GRANDE, AZ-A 105-acre tract has traded hands for $5.3million. An area partnership plans to develop part of the land,predominately zoned light industrial, and sell the balance for$120,000 per acre.
One of the buyer's partners, Pepsi-Cola Bottling Co. in Tucson,is taking 10 acres to build a distribution facility. Kris Martin,senior associate with Grubb & Ellis/BRE Commercial LLC'sPhoenix office, says the beverage company, a subsidiary ofPurchase, NY-based PepsiCo., will break ground on 35,000 sf in thefirst half of 2008, but may add to its space in the future. Theother partner, Arizona Land Group LLC of Phoenix, will horizontallydevelop the remaining acreage.
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