(Read more on the industrial market.)
TOLLESON, AZ-An Irvine, CA investor and developer bought 13acres, with plans to build a five-building, 170,000-sf lightindustrial complex. Construction should begin by next summer on theas-yet unnamed project, which will have an all-in price tag ofaround $80 per sf.
Rick Lee, principal of Lee & Associates' Phoenix office,says buyer LBA Realty liked Tolleson's growth, especially on theindustrial side. Lee represented LBA in the land acquisition fromScottsdale-based Tolleson Premier Properties LLC, which wasrepresented by Matthew Tafoya with Don Bennett & Associates inGoodyear. Lee says the spec development at 97th Avenue andRoosevelt Street will be geared toward smaller industrialusers.
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