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PHOENIX-Sealy & Co. Inc. and CalSTRS have begun grading a 25-acre site in the West Valley to make way for a $23-million, 400,000-sf speculative warehouse and distribution center. Completion is slated for spring.

Shreveport, LA-based Sealy and CalSTRS, first-time partners, acquired the site at 7200 W. Buckeye Rd. from Chamberlain Development LLC of Tempe, AZ in April. Winton Architects Inc. of Phoenix designed the spec project while Sun State Builders, also from Tempe, is the general contractor.

Payson MacWilliam and Don MacWilliam, both senior vice presidents and industrial specialists in Colliers International’s Phoenix office, have the marketing assignment and represented Chamberlain when the land was sold. Don MacWilliam tells GlobeSt.com that lease quotes range from 40 cents per sf to 45 cents per sf, triple net.

MacWilliam says a flexible design is underwriting the marketing strategy.

“We can be flexible in dividing it,” he explains. “If we had to, we could go down to 35,000 sf for users whereas a lot of the larger distribution buildings on the west side can’t go down that small.”

MacWilliam says Chamberlain Development had bought and developed close to 70 acres in the Far West Valley with the idea of developing and selling it to build-to-suit developers. In recent years, companies like Illinois Tool Works Inc. and FedEx Corp. have bought tracts to build their own warehouses and distribution centers.

“We still have another 20 acres left to develop,” MacWilliam says. “We’re marketing it right now for build-to-suit.” The asking price is $7.50 per sf.

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