Thursday, July 14, 2011

26 acres in south Chandler sells for $2 million

An investor in Italy paid $2 million for 26 acres of vacant land west of the northwestern corner of McQueen and Ocotillo roads and plans to replat it for an industrial park.

Icarus LLC bought the distressed property from Enterprise Bank and Trust.

Chad Dearmore of KW Commercial represented the buyer. The land is approved for office condos and storage.

"We're going to change that and turn it back to a true industrial project," Dearmore said.

"That product is so in the dumps right now," he added. "Our research shows mini-storage would be another horrible play there."

Icarus' owner, Mario Cimmino of northern Italy, plans to divide the land into a dozen lots and sell them.

"We're going to replat it and it will be a beautiful, nice light industrial lot, consistent throughout," Dearmore said, adding construction could start in a year.

Brokers who represented the seller were Paul Boyle, Rick Danis, Brian Rosella and Will French with Cassidy Turley BRE Commercial.

by Luci Scott The Arizona Republic Jul. 12, 2011 10:09 AM

26 acres in south Chandler sells for $2 million

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