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5.25 acres in the Deer Valley Industrial submarket sells for over $4.8M
Mutual respect and perseverance between all parties leads to an off-market industrial land deal.
By: Ruby Red Media
Ian Turner, a seasoned commercial real estate broker, launched Commercial Industrial Arizona Advisors several months ago, in 2021, and represented the seller in the transaction. The seller, One East Pinnacle, LLC sold to DV 20 AC Limited Partnership. The seller, Gary Beyschau, purchased this piece of land many years ago to hold for a potential new company he considered forming after selling his business to a national construction company. Beyschau has transformed himself into a real estate investor and has developed income-producing multi-tenant industrial products. Beyschau said, "Ian has been an outstanding support person for our entire six-year relationship. His efforts to support and educate have been spot on."
The property is located at 75 W Pinnacle Peak in Phoenix. This is the one of the last parcels of A-1 zoned land that can be developed in the industrial submarket area. Robert Lundstedt of Daum Commercial, who specializes in land in the area, had repeatedly inquired if the seller would be willing to sell and, if so, at what price. Ian Turner took an offer and terms that he believed to be acceptable, to his best client. Lundstedt submitted a letter of intent the very next day. "Ian has been a part of our team, contributing and sharing his perspective wherever it's relevant," Beyschau continued. At the end of the due diligence period, the first buyer dropped the deal without notifying the buyer's representative. When Turner informed Lundstedt of the situation, Lundstedt stated, "Hold on, I will bring you another buyer immediately."
Beyschau was considering developing the site due to the high demand for industrial space in the area. An offer at this price was one that he could not pass up, based on the perceived volatility of the market risk due to Covid. Beyschau continued to say that Turner has been a big part of their success, "You won't be disappointed if you get him on your team!"
CIA Advisors' Ian Turner paid much respect to Daum's advisor, Bob Lundstedt, calling him a "tenacious broker," and appreciating how respectful and cognizant Lundstedt was of the relationship that Turner had with his long-time client.
Ruby Red Media LLC