By Eric Jay Toll for Arizona Builder’s Exchange
A new 1.2MSF industrial park is planned for Phoenix’ West I-10 Corridor. Crow Holdings Capital Partners, Dallas, Tex., and local Westworth Property Co. paid $12M ($149K/acre) for 80 acres at 59th Avenue and Van Buren Street.
Pending zoning approval from Phoenix to switch the land from residential to commercial, the deal with seller El Dorado Holings, Inc. has been sitting since October last year (AZBEX, October 26). Cassidy Turley was the broker for the sale. Butler Design Group has been tapped to design the multi-building project. No contractor has been selected to build it.
Wentworth was the original buyer, but sought out a partner. Crow Holdings, a company making investments in real estate for the Trammel Crow family, picked up that role. Wentworth will handle asset management for the project.
When the land was first sold, Wentworth said that it was considering some spec buildings to seed the project. A year ago, a third quarter 2013 construction start was projected; now fourth quarter or early next year is the target date. The planned 59th Avenue phase of the South Mountain Freeway, Loop 202, runs by the parcel.