has completed the sale of a 10-acre land parcel located at the Southwest corner of 15th Avenue and Pinnacle Peak Road in the Deer Valley submarket of Phoenix, Arizona, for $6.4 million. Robert Lundstedt, First Vice President at DAUM Commercial, represented the seller and procured the buyer, Wadsworth Development Group, in the transaction.
At the site, Wadsworth is developing a speculative 136,000 square-foot industrial business park consisting of three buildings, which is being exclusively marketed by Lundstedt, DAUM Executive Vice President Skip Corley, Jr. and DAUM Associate Chase Heinemann.
“As there continues to be an influx of tenants looking to expand or relocate the Phoenix area, which is located within a 17-hour drive of anywhere in the Southwest, developers are hungry to bring competitive industrial facilities to the market to capitalize on this high demand,” says Lundstedt. “The Deer Valley submarket in particular, which saw vacancy rates compress to under 5% in Q4, is well positioned for further growth.”
“The industrial sector continued to perform exceptionally well throughout the past year,” explains Lundstedt. “Based on our close relationships and knowledge of activity in the local market, we anticipate a quick lease-up of the new development to quality tenants.”
The development, which is slated to be complete in August 2021, is located approximately 20 miles north of Downtown Phoenix, less than 2 miles from Interstate 17 and Loop 101, and within close proximity to Loop 303, which offers direct access to West Coast ports.
The facilities at the new project will feature 28’-32’ clear height, grade level loading, 227/480-volt power and above market parking ratio.
In addition to the sale of the 15th Avenue/Pinnacle Peak Road land parcel, Robert Lundstedt has directed nine other land transactions in Deer Valley within the last 12 months, totaling $38.4 million, and is currently maintaining 15 land listings, all in the Deer Valley submarket.