January 14, 2022
77-Acre Industrial Development Site in Buckeye Sells For $14.5M
PHOENIX, December, 2021 – SVN Desert Commercial Advisors completed the sale of an approximately 77-acre industrial site in Buckeye at the southeast corner of Apache Rd. and Southern Ave Rd. adjacent to the Cardinal Glass and Walmart distribution facilities. The property was acquired from the Napolitano Family, for $14,500,000 by an entity controlled by Contour Real Estate (https://www.contourre.com), a California-based real estate investment and development firm.
Contour plans to develop a 1.2 million square foot Class A cross dock facility targeting ecommerce and logistics related tenants in need of a regional distribution hub. The Buckeye project is the last of three 4th quarter land acquisitions in 2021 bringing their Arizona industrial pipeline to over 3.6 million square feet. The deal had been in escrow for twelve months as Contour worked through approvals and infrastructure issues with the City of Buckeye. Ware Malcomb is the architect and civil engineer on the project.
The City of Buckeye has been one of the fastest growing cities in the country for several consecutive years. With major announcements of Kore Power, Five Below, and Funko Toys in the recent months the city has become a hotbed for big box industrial tenants fleeing the Inland Empire due to increases in operational costs of that market.
Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer. Paul Borgesen stated, “The City of Buckeye has numerous positive attributes and is quickly emerging as a very prosperous community. We are very thankful to be a part of that economic growth.”
For all leasing inquiries please reach out to Marc Hertzberg of the JLL Phoenix office.
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit our website at www.SVNDesertCommercial.com for more information.
For more information, please contact:
Perry Laufenberg firstname.lastname@example.org 480-425-5500