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TOLLESON, AZ-McShane Cos. and Metropolitan Life Insurance Co. Inc. have sold the just-completed Westside Business Park to LBA Realty of Irvine, CA. The partners ended up pocketing in excess of $73 million for the 66-acre warehouse and distribution business park.

Allen Lowe, principal with Lee & Associates’ Phoenix office, says the four-building Westside Business Park, located at 86th Avenue and Buckeye Road, is vacant, but activity is strong. The interest from potential tenants as well as the development’s location on the metro area’s far west side was enough to attract a dozen offers, says Lowe, who teamed with senior director Chris Toci of Cushman & Wakefield of Arizona Inc. to negotiate the sale for buyer and seller.

“It’s a distribution center on the west side of town, which is still hot,” Lowe explains. “Probably the most unique part of this deal is the flexibility of the bay sizes, the fact it can accommodate tenants from about 21,000 sf all the way to 500,000 sf and more.”

Lowe tells GlobeSt.com that LBA triumphed during the bid process because of a previous relationship with one of the partners. “LBA has a long-term relationship with Metropolitan Life,” he says. “MetLife felt comfortable that, not only was the buyer qualified, but that it would perform by leasing up the buildings.”

Chicago-based McShane and its New York City-headquartered partner broke ground in April 2007 on Westside Business Park. The development consists of the 164,210-sf Building 1 at 8590 W. Buckeye Rd.; 203,372-sf Building 2 at 901 S. 86th Ave.; 203,372-sf Building 3 at 859 S. 86th Ave. and 535,213-sf Building 4 at 8602 W. Buckeye Rd.

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