Housing prices are rising, but so are industrial costs. A Buckeye development sold for over $14 million. In this week’s Business Briefcase, we will also examine Estrella’s recent closure on 20 acres in Lucero.
The Buckeye project is the third transaction by the same acquisition group. As for Estrella, the Goodyear community will have many projects coming up this year, as the planned 20,000-acre mixed-use community passed to new ownership in October 2021, made up of Harvard Investments, Toll Brothers and Värde Partner.
Development at Buckeye
sells for $14.5 million
SVN Desert Commercial Advisors has completed the sale of an approximately 77-acre industrial site in Buckeye, on the southeast corner of Apache Road and Southern Avenue, adjacent to Cardinal Glass and Walmart distribution facilities.
The property was acquired from the Napolitano family for $14.5 million by an entity controlled by Contour Real Estate, a California-based real estate investment and development firm.
Contour plans to develop a 1.2 million square foot Class A cross-dock facility targeting e-commerce and logistics related tenants in need of a regional distribution center. The Buckeye project is the last of three land acquisitions in the fourth quarter of 2021, bringing its industrial pipeline in Arizona to more than 3.6 million square feet.
The deal had been in escrow for 12 months as Contour worked through approvals and infrastructure issues with the town of Buckeye. Ware Malcomb is the architect and civil engineer for the project.
With major announcements from Kore Power, Five Below and Funko Toys in recent months, the city has become a hotbed for big-box industrial tenants fleeing the Inland Empire due to the rising operating costs of that market.
Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer.
“The town of Buckeye has many positive attributes and is quickly emerging as a very thriving community,” Borgesen said. “We are very grateful to be part of this economic growth.”
on over 20 acres
Estrella Partners LP, made up of Harvard Investments, Toll Brothers and Värde Partners, said Taylor Morrison closed 20.37 acres at Lucero in Estrella. Greg Vogel, Ryan Semro and Bret Rinehart of Land Advisors Organization facilitated the transaction.
“Since our purchase of Estrella in October 2021, Harvard Investments and our partners at Toll Brothers and Värde Partners have been actively planning the future of this incredible planned community,” said Tim Brislin, vice president of Harvard Investments.
“This latest addition to Lucero in Estrella represents the first of many new neighborhoods as we aim to make Estrella the true heart of the West Valley. We believe in Taylor Morrison’s vision and know that they will continue to elevate the level of quality and unique designs that home buyers are looking for in the West Valley today.
The Taylor Morrison transaction includes 67 completed lots which will be made available to buyers at the end of the year. Taylor Morrison, which already offers homes in Lucero and CantaMia 55+ in Estrella, plans to include one of its new series of floor plans in this second phase of Lucero in Estrella.
Estrella’s master-planned community is already home to more than 7,000 families and features multiple residents’ clubs, resort-style pools and a water park, 72 acres of lakes, over 50 miles of trails and trails, the Yacht Club d’Estrella, the award-winning Nicklaus Design Course at Estrella Golf Club, the Casa Lucero Community Welcome Center and over 40 iconic and neighborhood parks.
“We were honored to complete this exciting transaction for Estrella,” said Bret Rinehart, land and residential land advisor for Land Advisors Organization. “The partnership group of Harvard Investments, Toll Brothers and Värde Partners has big plans for the future of one of the most amenity-rich planned developments in the West Valley, and our residential land team at Land Advisors is thrilled to be part of its continued growth.”
Steven Hahn, Senior Vice President of Lands for Taylor Morrison, added, “We are thrilled to bring Taylor Morrison back to Lucero in Estrella, further exemplifying our continued investment in the Estrella community. Lucero will complement CantaMia, our award-winning community of over 55 years already within Estrella.
To learn more about Estrella, visit estrella.com.