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Work Begins on 50,000-SF University Office Building

PHOENIX-Opus West breaks ground on an estimated $8-million project even though the 5.5-acre sale won't close until August. The University of Phoenix's West 101 Gateway has 30,000 sf dedicated to the school and the balance headed to the lease market.

By Lee Simmons | Updated on July 12, 2004

PHOENIX-A 50,000-sf building that will serve as the University of Phoenix’s newest in-town campus has broken ground, with Opus West Corp. at the helm of the development, West 101 Gateway. A dual-pronged strategy earmarks some class A space for the school and some for the office lease market.

Opus West jumped into the construction although it has yet to close on the 5.5-acre tract. The developer signed a ground lease to begin infrastructure improvements, but plans to close the land sale with L. Milan Partners of Scottsdale by Aug. 1. The site sits just north of the Interstate 10/Loop 101 interchange, north of McDowell Road.

“It’s an emerging submarket. Honestly, most of the brokerage companies don’t track it as a separate submarket. There are a couple of medical office buildings that have been done recently, but almost everything else out there is single-story office condo for sale or for lease,” Jeff Roberts, a senior vice president of real estate at Opus West Corp. in Phoenix, tells GlobeSt.com.

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