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Opus Plans $32M Office Development

MARICOPA COUNTY, AZ-Opus West Corp. buys 25 acres for $16.3 million from West Ranch Land Co. Eyeing a 240,000-sf build-out plan, Opus West will break ground in April on the first phase, a 140,000-sf, class A office building.

By Jennifer D. Duell | Updated on January 27, 2005

MARICOPA COUNTY, AZ-With plans to develop at least 240,000 sf of class A office product, Opus West Corp. has purchased 25 acres at the southwest corner of Mayo Boulevard and 70th Street. The developer has paid $16.3 million to Phoenix-based West Ranch Land Co. for land in an unincorporated area of the county on the Phoenix-Scottsdale border.

The office development, dubbed North Scottsdale Corporate Center, will cost about $32 million. The first phase is a 140,000-sf, four-story building, which is scheduled to break ground in April and deliver in early 2006. Second-phase work could begin this year on a twin.

Opus West has optioned eight acres from West Ranch Land Co. for a third phase, Jim Fijan, executive vice president of CB Richard Ellis Inc., tells GlobeSt.com. The third phase could be another office building or office condos, he says. After brokering the land sale, Fijan and Jerry Roberts also secured the task of preleasing the first two office buildings, which will be marketed at $25 per sf.

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