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.