Rendering courtesy of DIV Industrial
DIV Industrial, an institutional-level investor and developer of industrial real estate, today announced the acquisition of 47.35 acres of land in the city of Goodyear, within Phoenix’s robust industrial market, for the development of Sarival Business Park, a new 847,988-square-foot Class A industrial complex. At completion, the modern LEED certified business park will include five free-standing buildings ranging in size from 135,000 square feet to 235,000 square feet.
The closing marks DIV Industrial’s first acquisition in the Phoenix market and a milestone in the firm’s strategic growth and expansion into key logistics markets in the West and Southwest U.S.
“DIV Industrial is excited to add Sarival Business Park, a best-in-class project, to our growing portfolio of high-quality industrial real estate assets, particularly during this complicated time in commercial real estate and in the global capital markets,” said Nicholas Ilagan, co-founder and managing partner at DIV Industrial. “Our team worked diligently to execute and close the transaction. We are immensely grateful for the land seller’s patience and our brokerage team’s expertise, in addition to the City of Goodyear’s collaborative efforts and support.”
DIV Industrial acquired the property from a private seller and completed the rezone and entitlements during escrow. Terms of the deal are not disclosed. Stein Koss and Tom Louer of Lee & Associates represented both DIV Industrial and the seller in the transaction. The Koss Louer team is also leading the marketing efforts for Sarival Business Park.
Groundbreaking is scheduled to commence late Q1 2024 with total project completion anticipated in Q1 2025. DIV Industrial’s business plan is to develop and deliver the asset with multiple potential exit strategies, including the ability to sell individual buildings to owner-users.