Stolworthy Buys 40-Acre Parcel in Deer Valley Area

Fri, 01/28/2011 - 00:00 -- Jeff

Phoenix - A company formed by Randy Stolworthy of RRS & Co. in Phoenix paid $7.5 million to acquire a 40-acre parcel south of the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix. The seller was a company formed by Sterling Capital of Northbrook, Ill. (Steve Taslitz, pres.). The deal was brokered through Bob Lundstedt and Jerry Hillery of Insignia ESG in Phoenix, and Mark Bauer of CB Richard Ellis in Phoenix. Stolworthy intends to use the land to develop an industrial park called The Pinnacle. First phase plans show 13 improved industrial lots ranging from 49,000 sq. ft. to 101,000 sq. ft. and 2 developed office pads, each of 2-acres. Those parcels will be sold to end users and developers. The finished industrial lots are priced at roughly $8.50 per foot. Lundstedt and Hillery have the marketing assignment. Plans for phase two still to be determined. The property is about one-half-mile south of a 1 million-square-foot power center planned by Vestar Development in Phoenix, and one mile south of a 6 million-square-foot office campus being developed by USAA. In 1999, BREW reported Sterling Capital paying $4.85 million to acquire the north Phoenix land. Over the years, BREW has reported Stolworthy buying, selling and developing many real estate projects in the Valley. Find out more from Stolworthy at (602) 553-0082. Talk to Taslitz at (847) 480-4000. Call Lundstedt and Hillery at (602) 912-1700. Reach Bauer at (602) 735-5555.