Phoenix, AZ – BREW is reporting Valley developer and architect Irwin Pasternack has acquired land along the Interstate 10 corridor in west Phoenix that will be developed as part of a 214-acre mixed-use industrial park called “TEN”. Pasternack, whose company already owns 142 acres that surrounds the newly-acquired land, paid $7.7 million ($106,944 per acre / $2.46 PSF) to buy 72 acres near the southeast corner of 83rd Avenue and I-10.
Maricopa County records show Jenberly LLC (Pasternack entity) acquired the property in a cash transaction. The seller was AZ 72 Holdings LLC, a company formed by Lehman Brothers Holdings Inc. The deal was negotiated by Tony Lydon and Marc Hertzberg of Jones Lang LaSalle in Phoenix. The escrow was handled by Melissa Cocanower of Chicago Title Agency in Phoenix.
With the acquisition, Jenberly LLC now owns 214 acres bounded on the north by I-10, on the south by Van Buren Street, on the east by 83rd Avenue and on the west by 79th Avenue. Pasternack says he intends to file a PUD (planned unit development) in Phoenix with hopes to re-zone the property to allow a mix of industrial, retail, office, commercial and multi-family residential uses. Plans include big box industrial with structures ranging from 400,000-square-feet to 1.2 million square-feet and 22 acres of retail buildings with pads fronting along 83rd Avenue.
Pasternack says he is looking for build-to-suit opportunities for the industrial land, which will have a flexible site plan for about five big box structures. The company will sell the retail dirt, which is now split into 15 parcels, with pads ranging from 1 to 3 acres. Lydon and Hertzberg of JLL have the marketing assignment for the industrial component. Brad Cleaves of BC Commercial Real Estate Inc. in Phoenix is marketing the retail portion.
Pasternack is working on a site plan for the mixed-use project, which could also have a multi-family residential site that would be sold to a third-party developer. Jenberly LLC has secured a $15 million land acquisition and development loan from 1st Bank.
Pasternack, who has developed roughly 1.5 million square-feet of industrial space in the Valley, expects TEN to be built out over the next four years. "I think this is the best piece of industrial land in Arizona," says Pasternack, who has been designing and developing buildings in the Phoenix area for 40 years. The Lehman Brothers entity foreclosed on the land sold to Pasternack after the previous owner defaulted on a loan that was secured by the acreage.
To learn more Pasternack cam be reached at (602) 279-2808. Call Lydon and Hertzberg at (602) 282-6300. Talk to Cleaves at (602) 818-1010.
For full BREW story see https://www.brewaz.com/content/index_story_free.php?story_id=9994&volume_num=XXI&issue_num=28&issue_date=July