Warner Village will go up at the intersection of Priest Drive and Warner Road. The 1342 W. Warner Rd. project includes two acres for a pair of pad sites and four acres earmarked for a hotel, Shea Commercial COO Charles Lindgren tells GlobeSt.com. "This is a growing area and there's not a lot of land left," he says, adding the long-range plan is to sell the development after it delivers in January 2006 and lease-up is completed.
Lindgren says there are three buyers already lined up for 10,000 sf of office condo space, which is selling for $170 per sf. The office condo component consists of six single-story buildings ranging from 1,200 sf to 6,000 sf. The retail plan calls for two 10,000-sf buildings.
Shea Commercial is marketing the office condos. Phoenix-based DeRito Partners is leasing the retail component, opening talks at $26 per sf, triple net. Lindgren expects the retail space will attract mostly local retailers.
The Scottsdale-based developer tapped Phoenix-based DFD Cornoyer-Hedrick for Warner Village's design. Caviness Construction, also from Phoenix, is the general contractor. Shea Commercial received construction financing from Eau Claire, WI-basedMarshall & Ilsley Bank. Shea Commercial purchased the land, one mile from the new IKEA store, in November 2004 from Phoenix-based Carlson Real Estate Co.
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