PHOENIX—Harvard Investments will partner with Lincoln Property Company to develop the second and final phase of Riverview Point, a class A office project directly adjacent to the 250-acre Mesa Riverview mixed-use property in Phoenix's booming Southeast Valley.
Harvard Investments purchased the 19.55-acre land parcel for the new project from Montana Avenue Capital this week. In conjunction with LPC, Harvard Investments will build two new, class A office buildings on the site: a three-story, 150,000-square-foot building and a two-story, 105,000-square-foot building. LPC will direct development of the project. It will also market the opportunity to build-to-suit prospects and anchor tenants.
The Southeast Valley submarket continues to be a hotbed for new office building, particularly along the 101 Freeway.
The new Harvard-LPC development is located on the borders of Mesa, Tempe and Scottsdale, just six miles east of Phoenix Sky Harbor International Airport and accessed via Loop 101 at Rio Salado Parkway and via two full-diamond interchanges along the Loop 202 at Dobson and Alma School roads. It is directly east of Mesa Riverview, a 1.3 million-square-foot retail, hospitality and entertainment complex. It is also less than one mile from the new Cubs Spring Training Facility and the newly reconfigured Riverview Park, which includes a playground, six-acre lake and pedestrian path that connects the park and lake to the stadium.
Lincoln Property Company's executive vice president David Krumwiede tells GlobeSt.com, “We're seeing office tenant users following the 101 from North Scottsdale to Chandler due to the strong amenity base. We're operating within an area that continues to show—and grow—its ability to attract amenity-driven office tenants and make a positive, notable impact on greater Phoenix's economic recovery, This project will be no exception. Its timing and location are perfect for a development that will anchor this market for years to come.”
When completed, the new Harvard-LPC office buildings will join an existing Hyatt Place Hotel, two existing, two-story office buildings that are approaching 90 percent occupancy, and a planned 180-room, luxury brand Sheraton Hotel scheduled to open in March 2015 and including amenities such as full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.
“The demand is national and international, out of state and out of country. We're seeing that younger base of workers who want those amenities coupled with our lower cost of living. And due to this demand, we're tracking tenants seeking space from 50,000 to 150,000 square feet,” says Krumwiede.
Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, brokered the land transaction and will assist with the project's marketing and leasing efforts. The Davis Experience serves as the project architect and Wespac Construction serves as the general contractor.
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