"We chose this land because it's outside Loop 101. A lot of the new growth is going up that way," says Ryan Reynolds, Rencor's marketing director. "Deer Valley Road is a major route of access coming down to the freeway."
The nine-acre Arrowhead Ranch Office Park will be located at Deer Valley Road and 77th Avenue. The single-story block buildings will feature condominium units in "for sale" or "for lease" product tailored to doctors or general office users.
Phoenix-based Jokake Construction will serve as general contractor. JRES, Jokake's real estate division, will be the property manager. The project will be developed in two phases, Reynolds says, with the first expected to be completed by September. The second phase work should kick off in March 2005.
Rencor obtained a $3.6-million construction loan from Irwin Union Bank at a 70% loan to value. For-sale units facing Deer Valley Road will be priced at $162 per sf and $158 per sf for the remaining non-frontage units. Reynolds says six tenants have already committed to purchase space in the first phase.
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