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Work Begins on $10M Office/Industrial Condos

PHOENIX-Sun Pacific Investments starts construction on 131,000 sf of office/industrial space after selling out the 75,000-sf first phase of Deer Valley Business Park. The expansion adds six buildings with 54 condos, which are ticketed to deliver in Q3.

By Jennifer D. Duell | Updated on May 24, 2005

PHOENIX-Sun Pacific Investments has broken ground on the second and third phases of Deer Valley Business Park. The 131,000 sf of office/industrial condos will cost $10 million to develop.

Jerry Hillery with Colliers Classic in Phoenix tells GlobeSt.com that the park’s expansion will be done in the third quarter. Scottsdale-based Sun Pacific Investments tapped Hillery to market the two phases. “We’ve got a market where it’s extremely difficult for a small business to find a building to buy or land to build a small building, it’s too cost prohibitive,” Hillery says. “That’s where the demand is coming from. There’s not a lot of office and industrial condos available in the Deer Valley submarket.”

The 75,000-sf first phase, completed last year, is sold out. Hillery says the success of the first phase sparked the start of the second and third phases. The buildings are designed with 2,844-sf condo units. Prices start at $125 per sf for shell space.

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