Westcore Properties LLC bought a 51-acre site between Fairway Drive and Avondale Boulevard and plans to team with the Opus Group to develop a three-building, 720,000-square-foot industrial park.
Article originally posted here.
According to real estate database Vizzda, San Diego-based Westcore bought the property for $12 million from Rankin Real Estate. The sale closed June 11. Bo Mills, Marc Hertzberg, Riley Gilbert and Tony Lydon of JLL brokered the deal.
“With our existing broker relationships and growing presence in the Phoenix market, Westcore was able to close on the land purchase at a time when many other competitors were effectively on the sidelines,” said Don Ankeny, president and CEO of Westcore, in a statement. “The Opus Group, which had already designed and entitled the project, lost no time in the development process by bringing us on board.”
Project construction is scheduled to begin in October, with delivery planned between June and August 2021.
The project will include two buildings with 162,000 and 170,000 square feet designed for two to four tenants and one 390,000-square-foot building suited for one to two tenants.
The city of Avondale approved the project in October 2019, according to city documents. At the time, the Opus Group said the project could produce about 785 jobs in manufacturing, warehousing and distribution and office capacities.
“We’re grateful to our broker partners who brought to our attention this opportunity with the Opus Group,” said Hack Adams, managing director at Westcore, in a statement. “Between the incredible location and strategic market timing, Opus has done a masterful job laying the groundwork for an institutional-quality industrial project, and we look forward to building it with them.”