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Shea Grabs Three Buildings for $28M to Get Developable Space

PHOENIX-The office condo developer buys Biltmore Fountains, Biltmore Lakes and the Scottsdale Professional Plaza to get 168,000 sf of class A and B space to retool into "for sale" product now that land's becoming scarce in key submarkets.

By Jennifer D. Duell | Updated on February 23, 2005

PHOENIX-Shea Commercial has spent $28 million for three office buildings to get 168,000 sf of class A and B space that it can convert into professional condominiums.

“We have heard from our brokerage team that there are clients looking for space in the Camelback and Scottsdale areas,” says Rick Stannard, acquisitions director for the Scottsdale-based Shea. “With no vacant land available, we decided to search for buildings that would be suitable for conversion.”

The just-bought package consists of the Biltmore Fountains at 2747 E. Camelback Rd.; Biltmore Lakes at 3020 E. Camelback Rd.; and Scottsdale Professional Plaza, situated between Scottsdale and McDonald roads. “We believe we’re satisfying a need in the market,” Standard says. “This gives us immediate product for sale versus going through the development process of a year and a half.”

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