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GlobeSt.com EXCLUSIVE: Shea Plans $19M Mixed-Use Project

PHOENIX-Shea Commercial buys 24 acres and flips 11.5 to Chivas Retail. The build-out plan is 98,000 sf of office condos and 90,000 sf of retail space. Shea's Villages at Sonoran Canyon breaks ground in September, but the retail's not likely to start until midyear 2006.

By Jennifer D. Duell | Updated on June 16, 2005

For more retail coverage, click GlobeSt.com/RETAIL.

PHOENIX-A 24-acre tract at a prime intersection in the Sonoran foothills is slated for 98,000 sf of office condos and as much as 90,000 sf of retail space. The projects will cost $18.5 million.

Shea Commercial LLC acquired the acreage at the junction of 27th Avenue and Carefree Highway from locally based Hardy Properties, paying $7.3 million in an off-market transaction, says Bob Deininger, a principal with Shea Commercial. The Scottsdale-based developer immediately flipped 11.5 acres to Chivas Retail Partners LLC, an investment group sponsored by Scottsdale-based Diversified Partners LLC. Chivas Retail paid $5.8 million for the C-2-zoned land.

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