Walters' affiliate Mutual Development Co. LLC acquired the southwest corner of Litchfield Road and Interstate 10 through an entity known as Walters Litchfield LLC. Steve Fernandez, Andrew Fosberg and Claudia Jara with CB Richard Ellis in Phoenix represented the buyer. Josh Cameron and Scott Truitt with Western Land Co. in Peoria, AZ represented the seller, Saratoga Land Co.
"It's a key freeway intersection a block or two from the heart of Downtown Goodyear," Fernandez tells GlobeSt.com. "With all the things coming on line out there, the buyer saw this as a rare opportunity. There's so much office, retail and residential going up in the area. Sites like this are hard to find."
The new owner's plans for the site include development of two three-story class A suburban office buildings totaling 180,000 sf, 77,000 sf of office condominiums, 70,000 sf of retail space with 28,000 sf of pad sites and two business-class hotels. Construction will begin in April 2008, with completion anticipated for mid-2009.
Roger Spencer, director of development for Mutual Development, reports his company negotiated with the seller over a long period. But, he says once an agreement was reached, the deal closed very quickly.
Spencer says he is already in discussion with potential office and retail users although no deals will be done until project specifics are nailed down. The developer is working with the city to rezone the property for planned area development. No budget has been set, he adds. "We haven't even picked a name yet. We're working on that now," he says.
Spencer terms demand as being very good throughout the West Valley. "A lot of people want to be on the west side," he says. "It's very vibrant and growing, and the market continues to be very robust."
According to Spencer, acquisition financing was provided by Milwaukee-based M&I Marshall Ilsley Bank. The loan has additional funding available for off-site and on-site construction work.
J. Walters Construction will act as the general contractor for the project. The architect is ADW Architects of Charlotte, NC. Mutual Development retained CBRE's Charles Miscio, Keith Lambeth and Todd Noel to market the office component.
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