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RED Development Buys Former Honeywell Tech Campus
RED Development acquired a north Phoenix office complex that may be turned into an industrial park. The site was the former tech campus for General Electric, and then later Honeywell.
The site is off Interstate 17 and Thunderbird Road and is currently home to two vacant office buildings totaling over 500,000 square feet.
The Phoenix Business Journal reports that RED Development paid $28.6 million for the property – which sits on about 28 acres. RED bought it from Dimension Financial & Realty Investments. Ray Cashen with Cashen Realty Advisors represented both the buyer and the seller in the deal.
Dimension recently set the site up for an office-to-industrial conversion called Canyon Commerce Center, which will include three buildings amounting to 62,268 square feet, 152,889 square feet and 236,735 square feet to be constructed once the existing buildings are demolished.
This new office-to-industrial project RED is considering developing is located within a larger 160-acre redevelopment site, Metro North Corporate Park, which Dimension acquired in 1994.
- ◦Sale/Acquisition
