DBM VENTURES TO SPEC BUILD 793,125-SQUARE-FOOT INDUSTRIAL BUILDING IN RED HOT GOODYEAR
Publish Date: 09-18-2018
Photo Credit: LGE DesignBuild
Goodyear – Showing confidence in heavy demand from companies interested in locating manufacturing and distribution facilities along the Interstate 10 Corridor in the West Valley to serve markets in the western U.S., DBM Ventures LLC in Phoenix (Dave Sellers, Bret Anderson, Mike Anderson, principals) intends to build a 793,125-square-foot speculative industrial warehouse in Goodyear. The “big box” distribution facility will be developed on a 42.95-acre parcel located less than a mile south of Interstate 10, just south of the southeast corner of Van Buren Street and Bullard Avenue. With the proximity to the freeway and the nearby service retail and restaurants adjacent to the east on Litchfield Road, the Goodyear location met all of the developer’s requirements. “We really like the site,” says Sellers. “With the access, visibility and amenities, (the property) checked all of the boxes.” Maricopa County records show DBM Bullard Van Buren LLC (DBM Ventures company) paid $4,592,686 ($2.46 per foot) to purchase the vacant parcel. KCI Goodyear North LLC, formed by Kent Circle Partners LLC in Scottsdale (Scott Seldin, manager), was the seller in the cash transaction. Tony Lydon, Marc Hertzberg and Riley Gilbert of JLL in Phoenix negotiated the deal. LGE Corp. in Phoenix (Sellers’ company) will serve as contractor and LGE Design Build (another Sellers entity) is designing the project, which is being called The Hub. Construction to start in November, with completion expected by mid-2019. Development cost (land and building) estimated at $50 million. Both the equity and construction financing is already in place. Lydon, Hertzberg and Gilbert have the leasing assignment on The Hub, which will feature 40-foot clear height and a large truck court loading area. While the facility will be divisible to accommodate up to four tenants of just under 200,000 sq. ft., the JLL agents are looking for a single company that would occupy the entire building or at least half of the space. DBM Ventures is joining a host of developers and end user businesses that have been picking the Goodyear area and other locations near the Interstate 10 Corridor to house big box industrial projects. “Arizona continues to win some of the largest manufacturers in the country,” says Lydon, who mentions global food packager Huhtamaki Inc., pet food manufacturers and distributors Blue Buffalo and Chewy, window manufacturer Andersen Corp., glass manufacturer Cardinal IG, and beverage packaging firm Ball Corp. among a group of 20-plus companies that have selected sites in Goodyear and Buckeye for large scale industrial operations (see related story on Goodyear Crossing Industrial Park). The land sold to DBM Ventures is part of a larger parcel that Kent Circle Partners acquired in December 2011 for $4,716,997 ($1.10 per foot). Sources say the remaining 50 acres contiguous to the north is under contract to be sold to a data center operator. JLL is also brokering that sale, which is slated to close by year-end. DBM Ventures has developed numerous commercial properties in the Valley and has several more projects in the works, both in the Phoenix area and in Dallas, Tex. In addition to The Hub, during the next 12 months, DBM Ventures will complete 500,000 sq. ft. of mixed-use entertainment, restaurant and office space in the Valley. Over the years, BREW has reported LGE Corp. developing several million sq. ft. of office, retail and industrial space for its own account, in joint ventures and as a fee developer. Those projects have included spec, build-to-suit and pre-leased developments with LGE Design Build earning awards on several of the buildings. Seldin, who has also done business for decades in the Phoenix area as Seldin Real Estate, is also working to sell a 95-acre site kitty corner to the land sold to DBM Ventures at the northwest corner of Yuma Road and Bullard Avenue. Seldin’s company paid $4,565,750 million ($1 per foot) to buy that land as part 101-acre tract he purchased at year-end 2011. Find out more from Sellers at (480) 966-4001. Talk to Seldin at (480) 951-1800. Reach the JLL agents at (602) 282-6300.
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