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WEST VALLEY VIEW NEWS | JANUARY 26, 2022
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Business Briefcase
West Valley View Staff Writer
Development in Buckeye sells for $14.5M
ousing prices are going up, but so are industrial costs. A Buckeye development sold for more than $14 million. In this week’s Business Briefcase, we will also look at 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 to come this year, as the 20,000-acre mixed-use master-planned community transitioned to new ownership in October 2021, composed of Harvard Investments, Toll Brothers and Värde Partner.
SVN Desert Commercial Advisors completed the sale of an approximately 77-acre industrial site in Buckeye at the southeast corner of Apache Road and Southern Avenue, adjacent to the 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 millionsquare-foot Class A cross-dock facility targeting ecommerce and logistics-related tenants in need of a regional distribution hub. The Buckeye project is the last
BY LAUREN SERRATO
H
In Buckeye, this 77-acre industrial development site, located at the southeast corner of Apache Road and Southern Avenue, sold for $14.5 million. (Photo courtesy of SVN Desert Com-
mercial Advisors)
of three fourth-quarter land acquisitions in 2021, bringing its Arizona industrial pipeline to over 3.6 million square feet. The deal had been in escrow for 12 months as Contour worked through approvals and infrastructure issues with the city of Buckeye. Ware Malcomb is the architect and civil engineer on the project. With major announcements of Kore Power, Five Below and Funko Toys in the recent months, the city has become a hotbed for big-box industrial tenants fleeing the Inland Empire due to increases in operational costs of that market. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer. “The city of Buckeye has numerous positive attributes and is quickly emerging as a very prosperous community,” Borgesen said. “We are very thankful to be a part of that economic growth.”
Estrella closes on more than 20 acres Estrella Partners LP, comprised of Harvard Investments, Toll Brothers and Värde Partners, said Taylor Morrison closed on 20.37 acres in Lucero at Estrella. Greg Vogel, Ryan Semro and Bret Rinehart of Land Advisors Organization facilitated the transaction. “Since our purchase of Estrella in Oc-
tober 2021, Harvard Investments and our partners at Toll Brothers and Värde Partners have been actively planning the future of this incredible master-planned community,” said Tim Brislin, vice president of Harvard Investments. “This latest addition to Lucero at 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 they will continue elevating the level of quality and unique designs homebuyers seek in the West Valley today.” The Taylor Morrison transaction includes 67 final platted lots that will be available to buyers at the end of the year. Taylor Morrison, which already offers homes in Lucero and CantaMia 55+ at Estrella, has plans to include one of its new series of floor plans in this second phase of Lucero at Estrella. The Estrella master-planned community is already home to more than 7,000 families and includes multiple Residents’ Clubs, resort-style pools and a waterpark, 72 acres of lakes, 50-plus miles of paths and trails, the Yacht Club of Estrella, the award-winning Nicklaus Design course at the Golf Club of Estrella, community welcome center Casa Lucero, and more than
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