The 70,000-sf flex office building that Fender will occupy is one of four office buildings planned for the Chaparral Business Center, which is along the north side of Chaparral Road, just west of the Loop 101. Scottsdale borders the project to the west.
The $6-million, 70,000-sf office building is being built by the Salt River Pima Maricopa Indian Community, which is flush with cash from its popular gaming casinos. The deal is being financed internally by the community.
Construction is scheduled to begin this fall, with occupancy expected by August 2001.Fender signed a 10-year lease valued at more than $6 million.
The rental rate is an estimated $13.50 per sf, triple net. The company will relocate from two locations it occupies in Scottsdale.
The Chaparral Business Center features a 50,000-sf, single-story flex office building and an 86,000-sf three-story office building. The fourth phase of development will have a 60,000 to 70,000-sf building.
Cornoyer Hedrick is designing the Fender building, and Phoenix-based Kitchell Development is serving as the general contractor.
The Phoenix office of CB Richard Ellis and the Phoenix office of Greystone Properties negotiated the lease.
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