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Staubach Affiliate Wins Bidding War, Plans 400,000-SF Power Center

PEORIA, AZ-Cypress Equities West places a winning bid of $13.5 million in a face-off for a 55-acre ground lease with the Arizona State Land Department, which reels in 25% more than the land value and an extra $65 million in rent over the term.

By Amy Wolff Sorter | Updated on September 22, 2005

PEORIA, AZ-Cypress Equities West, a Dallas-based Staubach Co. affiliate, came in with a winning bid of $13.5 million during an auction for a 55-acre ground lease with the Arizona State Land Department. The property, located at the intersection of Happy Valley Road and Lake Pleasant Parkway, will be built out as a power center with about 400,000 sf and big-box anchors.

Groundbreaking on the project has not yet been determined. “We’re just now working on our site plan and making revisions to it,” Pat Sauer, vice president and director of development with Cypress Equities West, tells GlobeSt.com. “We have a couple of major tenants in mind right now though. Within the next 60 days, we would like to be pretty far along on them.”

Richard Hubbard, the state land department’s deputy land commissioner, says infrastructure development for the project will begin “probably within the next couple of years.”

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