Article Originally Posted By PhonixBusinessJournal On November 11, 2021
Scottsdale-based Globe Corp. sold about 120 acres of land in Buckeye that could be part of the next wave of industrial development in the West Valley.
The agricultural land sits on the northwest corner of State Route 85 and Southern Avenue just south of Interstate 10. Cardinal Capital Co. LLC, a generational land investor, purchased the site for $7.2 million on Nov. 5, according to real estate database Vizzda.
George Quinif, manager of Peak Group LLC, said the large site is also adjacent to about 210 acres that Cardinal Capital purchased from Globe Corp. two years ago for $6.3 million, according to Vizzda.
Now, the investment company owns about 330 total acres next to SR 85, said Quinif, a real estate broker and consultant for the investment company. Cardinal Capital has purchased farmland in the West Valley since 1986 and plans to hold the Buckeye land. The company will continue leasing it to farmers for now, but in the future the entire 330 acres could be the site of industrial development, he said.
"The city of Buckeye is going to rezone a portion of the now 330 acres [Cardinal] owns to industrial ... in hopes that someday there will be an industrial park on the property" Quinif told the Business Journal.
Real estate experts have said that SR 85 will be the next transportation corridor, similar to the Loop 303 in the West Valley, to see major employment growth. Dave Roderique, economic development director for Buckeye, said the city has started the process for a general plan amendment for SR 85.
"That spells out kind of the intent of what we want to see in that area," he said. "There are a couple of areas along the 85 that just have residential zoning and it doesn't really make sense to put residential right on a freeway, and so the thought would be to change it to employment uses and see the 85 corridor turned into, similar to the Loop 303."