Mar. 30, 2021
Land sales for industrial projects
remain hot in the Valley. A Utah-based developer has bought
10 acres of land in the Deer Valley
area of north Phoenix and plans to
build a speculative industrial
Wadsworth Development Group
bought the land, at 15th Avenue and
Pinnacle Peak Road, for $6.4 million.
The company plans to build a three building industrial park totaling
136,000 square feet, which is
expected to be complete in August.
Robert Lundstedt, Skip Corley and
Chase Heinemann of Daum Commercial will be the leasing brokers
for the development.
"As there continues to be an influx of tenants looking to expand or
relocate to 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,” Lundstedt said. "The Deer Valley submarket in
particular, which saw vacancy rates compress to under 5% in (the
fourth quarter), is well positioned for further growth.”
In central Phoenix, Phoenix-based ViaWest has acquired 10 acres in
the Sky Harbor Airport submarket, at 3232 S. 48th Street, and plans
to develop an industrial project, called Airport48 Industrial.