Claycorp / CRG bought 75.24 acres of land in Glendale for $20,483,546, according to the commercial real estate tracking website Vizzda. The price breaks down to more than $272,000 per acre.
The land is located at the northeast corner of Reems Road and Glendale Avenue in Glendale.
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The seller was also Claycorp / CRG.
The land is expected to be used for a planned 637,040-square-foot industrial warehouse that is part of The Cubes at Glendale, a 335-acre industrial park featuring 5.5 million square feet in Glendale, Arizona.
The project, which is a strategic joint-venture partnership with Phoenix-based Bird Dog Industrial, began construction of the first 1.2 million-square-foot speculative warehouse on March 1. The firm closed on the first 260-acre parcel of land for the development earlier this year with the second closing on July 12.