54-acre industrial development site in Buckeye sells for $6.525M
SVN Desert Commercial Advisors completed the sale of an approximately 54-acre industrial development site in Buckeye at the southeast corner of Southern Ave. and Rainbow Rd. within the Buckeye Rail Corridor. The property was acquired from KWC Motorsports LLC, for $6,525,000 by Buckeye 54 LLC, a Joint Venture formed by Contour Real Estate and Shopoff Realty Investments, both California-based real estate investment and development firms.
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The joint venture plans to build a logistics park encompassing two warehouses totaling 900,000 square feet. The deal had been in escrow for seven months as Contour worked through infrastructure issues with the City of Buckeye. Additionally, Contour Real Estate, has 77 acres in Buckeye closing this year for another large warehouse & manufacturing project totaling 1.2 million square feet.
Chief Executive Officer, David Daneshforooz, stated “The area will experience explosive growth over the next decade as more and more development continues”.
Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer. “It was a pleasure to work with both Buyer and Seller in this successful transaction. It’s exciting to work on projects that will add large employment bases and accelerate economic growth in our Phoenix Metro area”, stated Borgesen.