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AIC INVESTMENT CO. TAKES LAND PARCEL FOR INDUSTRIAL PROJECT

PHOENIX — AIC Investment Co. has purchased a 4.03-acre land parcel in Phoenix’s Estrella Commerce Park II for $1.31 million or $7.50 per square foot. The company plans to develop a 60,000-square-foot build-to-suit industrial property on the site, which is located at the southwest corner of 72nd Avenue and Sherman Street. Sun State Builders is serving as general contractor for the project, which is slated for completion in June 2009. Gulf Arizona Packaging is contracted to occupy 30,000 square feet of the property. The seller was Tempe, Ariz.-based Chamberlain Development LLC. Payson MacWilliam and Don MacWilliam of Colliers International represented both parties in the transaction.

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