The 5.3-acre development will consist of nine, freestanding buildings totaling 54,630 sf. The buildings, ranging from 5,230 sf to 7,750 sf, can be divvied into suites from 1,500 sf.
"Demand in the area is really strong especially with the new hospital nearby," says Eric Butler of Phoenix-based Caven Commercial who is acting as sales agent for Indian School Professional Plaza along with Brad Logan. Banner Health will be opening a newhospital next month.
Butler tells GlobeSt.com that about 5% of the project has been pre-sold and another quarter of the project will be under contract within the month. He expects that 70% of the buyers will be medical-related such as dentists and physicians. "A lot of the buyers are moving west from Maryvale," he says, referring to a nearby medical area that is somewhat depressed. Bjerk Builders is the general contractor for the project, which is expected to be completed in January 2005.
Butler says the plaza's location is attractive to buyers. "The Southwest Valley is one of the fastest growing areas in the metro area," he adds. "The plaza also has easy access to both Loop 101 and I-10."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
