The firm, which prints and distributes lottery tickets for the Arizona Lottery, will occupy part of one of four newly constructed buildings to become Riverpoint's first tenant. The company will move into a portion of the 68,000-sf building at 4325 S. 30th St. on Dec. 1.Michael Beall, with Cushman & Wakefield of Arizona Inc., tells GlobeSt.com. that the firm selected the 65-acre, master-planned community because of its proximity to the airport, Interstate 10 and the nearby headquarters of the Arizona State Lottery.
"It was a good location for them," said Beall who negotiated the lease for the building owner along with Jim Wilson, Kathy Gibbs and Pat Harlan, all of Cushman & Wakefield.
The project, which currently covers 23 acres in four buildings consisting of 227,000 sf, is expected to total 750,000 sf of office, hotel and retail space at full build-out. Space in the community rents in the 90 cent to 95 cent per sf range with $12 per sf to $15 per sf for tenant improvements, Beall said.
Mark Sleeth director of development for Kitchell Development Co., which built the 23-acre first phase, tells GlobeSt.com that the plan is to either sell the remaining acreage for private development or build-to-suit tenants. "This is really the last site available for a master-planned business park adjacent to the airport with freeway visibility," said Sleeth.
Beall said the office park, designed by architect Butler Design Group, is expected to be fully rented within the next 18 months.
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