Business Real Estate Weekly by Rose Law Group
Phoenix – LBA Realty in Irvine, Calif. (Steven Layton, principal) is under contract to purchase a 682,291-square-foot distribution center located near the northeast corner of Durango Street and 75th Avenue in Phoenix. The vacant project was developed in 2010 by Buzz Oates Enterprises Arizona in Phoenix (Doug Barkdull, principal). Sources say LBA Realty will pay roughly $28 million ($41 per foot) to buy the property from Buzz Oates in a deal scheduled to close by the end of June. The sale is being brokered through Bo Mills and Mark Detmer of Jones Lang LaSalle in Phoenix. No word coming from any of the parties involved in the pending sale. Over the years, BREW has reported the privately-held LBA Realty buying and selling numerous office and industrial properties in the Phoenix area. LBA Realty owns 20+ million sq. ft. of industrial space and 13+ million sq. ft. of office properties in the Western U.S. markets of Arizona, California, Oregon, Washington, Nevada, Utah, Colorado and Texas. LBA Realty is looking for additional office and industrial investment opportunities in the Valley. In May 2006, BREW reported LBA Realty taking over ownership of roughly 1.8 million sq. ft. of office and industrial space in the Valley as part of the $432 million acquisition of Bedford Property Investors Inc. (NYSE:BED). Continued
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