New Mexico Arizona Land Co. Buys Tempe Industrial Property… Plans New Buildings

Tue, 01/04/2011 - 00:00 -- Jeff

Tempe - - New Mexico and Arizona Land Co. of Phoenix (AMEX:NZ, Suzanne Drake, director of operations) paid $2.82 million to acquire a 30,000-square-foot industrial building and land targeted for another 90,000 sq. ft. of industrial space. A company formed by Randy Stolworthy of Tempe was the seller of the 7.2-acre site and existing building in a $2.63 million deal. And Reed Stolworthy and Joy Stolworthy of Scottsdale sold an adjoining parking lot for $190,000. Randy Stolworthy, recently named as chief operating officer at New Mexico and Arizona Land, says the company plans to develop three more industrial buildings at the site. Plans call for structures of 15,000, 30,000 and 45,000 sq. ft. Construction scheduled to start by August, with completion expected to take 120 days. Contractor yet to be selected. No word on development cost. Financing to come from within. Jim Wilson of Cushman & Wakefield of Arizona Inc. in Phoenix has been hired to lease the multi-tenant development. New Mexico and Arizona Land to handle management. Stolworthy says the company intends to develop additional industrial projects throughout the Valley . . . those buildings to range from 30,000 sq. ft. to 60,000 sq. ft. So far, New Mexico and Arizona Land has one property in Gilbert under contract . . . the company likes the southeast Valley, west side, northwest Phoenix area and the Phoenix Sky Harbor International Airport market. Find out more from Randy Stolworthy at (602) 952-8836. Reach Wilson at (602) 253-7900.