"We like the west side with all the growth," says Joe Ihrke, vice president with Carlson Real Estate. "We also liked the site because of the location at the intersection of two freeways and freeway frontage."
The locally based Elmalon retained a 40% stake in the 21 acres. The entire site will be developed as the West 101 Commerce Center, a master-planned business park with flexible zoning that allows development of retail, hotel, office and industrial uses.
On the 10-acre tract, Carlson plans to construct three, single-story flex office buildings, totaling 118,000 sf. Carlson's component, the West 101 Business Center, is estimated to cost $12 million, Ihrke tells GlobeSt.com. The project will consist of a 58,000-sf building and a pair of 30,000-sf structures. Construction will begin in the winter and wrap up in fall 2005.
A CB Richard Ellis Inc. team in Phoenix--Bill Bayless, Jim Bayless and Ashley Brooks--will lease the project for the Phoenix-based Carlson. Ihrke says no space has been preleased and the rental rate has yet to be established.
Carlson Real Estate and Elmalon Partners plan to market the 21-acre parcel for build-to-suit development or end-user sales. "There's a lot of interest from hotel developers, as well as retail developers," Ihrke says.
Elmalon Partners acquired the land in 2003. It recently sold six acres to Opus West Corp. to develop a 50,000-sf built-to-suit for the University of Phoenix.
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