Local Partnership Plans $10M Condo Project

TEMPE, AZ-Four office/warehouse condo buildings, valued at $9.5 million, will soon rise on the 4.7-acre site of Hohokam Industrial Park.

Phoenix-based LGE Design Build and Biltmore Holdings have partnered to develop the 63,120-sf condo project on the infill site at 2323 W. University Dr. The companies acquired the parcel, with a now-razed 26,000-sf building, for $2.5 million or nearly $12 per sf from University Park Group LLC of Phoenix.

A 7,000-sf office condo already has been pre-sold to an unidentified home improvement firm, according to Rick Robertson, a principal of Lee & Associates Arizona’s Phoenix office who represented LGE and Biltmore Holdings in the acquisition. He and his partner, Chris McClurg, are marketing the University Park condos as well.