(For more retail coverage, click GlobeSt.com/RETAIL.)
CHANDLER, AZ-A Los Angeles investment group has put up $27 million for a 96-acre cornfield at the intersection of Price Road and the Santan Freeway, opening the door for a $3-billion, mixed-use project for class A office, retail and hospitality uses.
Cyburt Hall Partners LLC acquired the acreage for the Spectrum at Chandler development from a Phoenix land speculator, El Dorado Holdings LLC. Phil Cyburt, a principal with Cyburt Hall, says talks have begun with city officials to finalize the master site plan.
Cyburt tells GlobeSt.com that Cyburt Hall is planning to build 1.5 million sf of office space, 200,000 sf of retail product on 20 acres and two hotels with a combined 300 rooms on an eight-acre tract. Tentatively, the proposal calls for build-out by 2010.
"This is one of the most dynamic pieces of properties in our market," says Pete Wentis, a senior vice president with CB Richard Ellis Inc.'s Phoenix office. "One would be hard-pressed to duplicate this anywhere else in the Valley." Wentis and CBRE's Brad Anderson, Luke Walker and Kevin Cosca teamed to sell the land.
Wentis says Cyburt Hall outmaneuvered two other would-be buyers to claim the land, positioned across Loop 202 from Chandler Fashion Center. He adds the buyer not only was the highest offer, but the most credible one as well.
By year end, the developer plans to start installation of infrastructure and selling parcels to retail and hospitality users, according to Brad Hall, another Cyburt Hall principal. The infrastructure is expected to be completed by early 2007. CB Richard Ellis has been tapped to market the land, which will be tagged at $15 per sf to $19 per sf.
"Chandler is driving a lot of the job growth in the Valley," Wentis says. "There's very little difference between it and Scottsdale when it comes to income and education, but there's a dramatic difference in real estate values. That's why so many corporations arelooking for space."
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