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Spectrum Ridge Lots Trade in Phoenix for $8.5M

Turner Development Purchases 51 Acres for Future Office / Flex Project
April 13, 2011
TOF DV Bixby LLC, a company formed by Turner Development Corp., acquired 50.58 acres in the Spectrum Ridge at Deer Valley in Phoenix, AZ from ATC Realty One, an affiliate of Wells Fargo, for $8.5 million, or about $168,050 per acre.

The land is located on the Southeast corner of 7th Street and Deer Valley Road. The property will be used for future class A, build-to-suit and speculative construction.

Darren Tappen of Voit Real Estate Services, along with Pat Harlan, Steve Sayre, and Kyle Westfall with Cushman & Wakefield represented the seller. James Keeley of Colliers International and Robert Lundstedt of DAUM Commercial Real Estate represented the buyer, Turner Development.

Please see CoStar COMPS #2084882 for more information on this transaction.

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