Scottsdale Developer Buys West Valley Land, Plans Industrial Project

Article originally posted on Phoenix Business Journal on March 4, 2020

Scottsdale Investment Management plans to develop a build-to-suit industrial complex in Goodyear after buying vacant land and a building from Lorts Manufacturing.

Lorts Fine Furniture will continue to occupy its buildings, which includes about 10 acres and 150,000 square feet of manufacturing and office space, as part of the sale-leaseback deal on the 29-acre property.

SIM bought the property at Estrella Parkway and MC 85 in Goodyear for $8.2 million, according to real estate database Vizzda.

“This is a key location and it is in an ‘opportunity zone,’” said Ed Grant, executive vice president of SIM.

The firm will use a qualified opportunity fund to finance the project, which allows for deferred capital gains tax on the amount invested to develop the property, and reduction in capital gains tax on the sale of the property if the firm is to hold it for 10 years or more.

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Ed Grant