Stolworthy Planning 70-Acre Business Park in Chandler

Tue, 02/08/2011 - 00:00 -- Jeff

Chandler - A company formed by investor Randy Stolworthy of RRS & Co. in Phoenix plans to develop a 70-acre business park near the northwest corner of McClintock Drive and Chandler Boulevard in Chandler. Stolworthy's company paid $9.145 million to buy the property. The seller was a venture formed by Sooner Investments in Oklahoma City, Okl. (Bob Stearns, principal) and Collett & Associates in Charlotte, N.C. (Robert Collett, John Collett, principals). The sale was brokered through Bill Gosnell and Allen Lowe of Lee & Associates Arizona Inc. in Phoenix, and Steve Bodeman of GVA DAUM in Phoenix. Stolworthy says RRS & Co. will develop a land plan, install infrastructure, build-to-suit and sell parcels to users and developers. LGE Corp. in Phoenix (Dave Sellers, pres.) will team up with RRS & Co. on the build-to-suits. Patrick Hayes Architecture in Scottsdale has been hired as land planner. Lots are expected to range from 1.5 acres to 5 acres. Paul Sieczkowski of Colliers Inetrnational in Phoenix has the marketing assignment. Parcels to be available in 9 to 12 months. Pricing still to be determined. Land acquisition financing provided by National Bank of Arizona in Phoenix. Stolworthy says he is interested in buying additional commercial parcels in the Phoenix area . . . preference is for land suitable for business park development. And Stolworthy is also looking for opportunities to provide equity and bridge loans to other developers. In June, BREW reported another company formed by Stolworthy paying just under $9 million to purchase a 30-acre parcel at the southwest corner of Happy Valley Road and 19th Avenue in Phoenix. Stolworthy is combining that tract with a 36-acre parcel that he owns contiguous to the west and will develop a mixed-use business park on the property. The venture formed by Sooner/Collett still own 28 acres at the immediate northeast corner of McClintock and Chandler. That parcel is targeted for retail uses. In February 2004, BREW reported the Sooner/Collett company paying just under $7.24 million to acquire the 98-acre tract. Sooner Investments and its partners have retail projects in 12 markets. Those neighborhood and community centers range from 100,000 sq. ft. to 500,000 sq. ft. Stearns is looking for additional development opportunities in the Valley. Find out more from Stolworthy at (602) 553-0082. Reach Stearns at (405) 842-0456. Talk to Gosnell and Lowe at (602) 956-7777. Call Bodeman at (602) 957-7300. Sieczkowski is at (602) 222-5000.