McShane Closing on Land in East Phoenix for 2.5 Million-Square-Foot Industrial Park

Business Real Estate Weekly & The P&Z Report
Feb. 01, 2008

Phoenix – In a deal set to close at press time, a venture formed by McShane Corp. of Rosemont, Ill. (Jim McShane, pres.) and MetLife Inc. of New York City was expected to pay $25.3 million to acquire a 147-acre parcel in west Phoenix. The Layton family of Phoenix is the seller of the property, located at the southeast corner of 91st Avenue and Buckeye Road. The sale was brokered by Tony Lydon and Marc Hertzberg of Grubb & Ellis\BRE Commercial in Phoenix. BREW reported the deal in the works in November. As reported, McShane/MetLife intends to develop seven speculative industrial buildings ranging from 100,212 sq. ft. to 849,680 sq. ft. Dickinson Architects Inc. in Phoenix is designing the warehouse-distribution structures. Construction set to start by July 2008, with completion expected second quarter 2009. McShane to serve as contractor. Development cost (land and buildings) estimated at $150 million. Lydon and Hertzberg have the leasing assignment. Alan Gillespie, v.p. for McShane Corp. in Phoenix, says the multi-tenant buildings will accommodate tenants needing from 50,000 sq. ft. to 850,000 sq. ft. The project is being called Phoenix Logistics Center. Over the years, BREW has reported McShane developing and selling industrial and office projects in the Valley (see related story P. 3). The company is looking for more development opportunities in the Phoenix area. Get more from Gillespie at (602) 508-6166. Talk to Lydon and Hertzberg at (602) 954-9000.