Initial Development Purchases Olive 101 for $18.1 Million

Industrial Center in Peoria Features Freeway Visibility and Full Occupancy

Phoenix (September 30, 2025) – The Initial Development Company, an Arizona-based real estate firm, has purchased Olive 101 Industrial Center for $18.1 million. The property, located at 8700 N. 91st Ave. in Peoria, was constructed in 2024 and is fully leased.

“Initial Development is excited to add Olive 101 to our Metro Phoenix portfolio, complementing our Southport asset in the Sky Harbor submarket,” says David Baum of Initial Development. “These investments demonstrate our commitment to modern, high-quality facilities that fuel business growth and strengthen the community.”

“This buyer was attracted to the impeccable construction of the facility and its abundant power offerings,” says Brian Ackerman, executive vice president at Colliers. “The appealing in-fill location, irreplaceable freeway visibility and long-term leases of the fully occupied property created an ideal investment opportunity.”

Ackerman, Brian Gleason, and Melissa Marks of Colliers handled the sale transaction. Colosseum AZ, LLC sold the property to The Initial Development Company.

Olive 101 includes a single industrial building totaling 75,549 square feet of space and situated on 4.76 acres. The property is located in Peoria, just off the Loop 101 Freeway at the Olive Avenue exit.

Completed in 2024, the building offers 3,600 amps of 3-phase power and a ceiling clear height of 24 feet. The facility features two dock-high loading doors and five grade-level doors. The property is fully leased by two tenants, MajorPower and Flame Gymnastics.