Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, and Contour, a leading privately-held real estate and development company, announced today that they have acquired 54 acres of land in the city of Buckeye, Arizona, a submarket of Phoenix. The joint-venture partners will plan to develop the site for warehouse logistics uses.
The sales price for the land was $6,525,000.00, or $120,676.90 per acre, according to the commercial real estate tracking website Vizzda.
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The proposed plan will consist of two warehouse logistics-oriented buildings spread across approximately 900,000 square feet.
“The Phoenix West market is a prime location for industrial development, with convenient access to I-85 and I-10, the property is a one-day drive to the Port of Los Angeles,” explained Shopoff President and CEO, William Shopoff. “With an influx of e-commerce and logistics firms moving into this area in recent years the demand for industrial space continues to grow, and we believe we are well positioned for a successful development.”
Located at the southeast corner of Southern Avenue and Rainbow Road, the property is immediately adjacent to the Union Pacific Rail Line providing even greater access and the potential for direct rail capabilities.
David Daneshforooz, chief executive officer of Contour added, “We are excited to be a part of the explosive growth in the Southwest valley, which we are confident will continue over the next decade as more and more development continues in the area.”