The Babcocks plan to build three buildings on the site, a 37,800-sf flex office building, a 30,650-sf warehouse/office and an 18,000-sf warehouse/office. The first building, the 37,800-sf flex office, is expected to be ready for occupancy by third quarter 2001. The estimated development of the three buildings, including land costs, is more than $9 million.

The Babcocks have developed and own a number of office/warehouse projects in the Scottsdale Airpark area, which is just south of the parcel they just purchased. The couple owns more than 100,000-sf of office/warehouse space in the area and is building another office/warehouse project in the airpark at 15610 N. 83rd Way. This project is expected to be completed by mid-year.

The parcel was sold by the Scottsdale Land Trust LP, a limited partnership managed by Scottsdale-based Franchise Finance Corp. of America.

Toll Construction is slated to serve as the contractor on the project.

The sale was negotiated by the Phoenix office of Lee & Associates, with broker Mark Linsalata.