Phoenix – A venture formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) and Clarion Partners LLC in New York City, N.Y., (Stephen Furnary, CEO) plans to develop a 900,000-square-foot industrial park about one mile south of Phoenix Sky Harbor International Airport in Phoenix. Rio Salado Commerce Park LLC (the Wentworth/Clarion venture) paid $9.3 million to buy the 59.5-acre site, which is located at the northwest corner of 24th Street and the Salt River. The seller in the cash transaction was Behringer Harvard Rio Salado LLC, a company formed by Behringer Harvard in Addison, Tex. (Robert Behringer, CEO). The cash sale was negotiated by Allen Lowe and Jeff Conrad of Lee & Associates Arizona Inc. in Phoenix. Wentworth Jr. says the industrial park will be developed in phases and will be comprised of multiple buildings, including speculative structures. The first phase likely will include two or three buildings ranging from 140,000 sq. ft. to 280,000 sq. ft. Construction on phase one scheduled to start by early fall. Continue reading
View Larger Map
As reported in:
