Orsett Properties Ltd. of Wellesley, MA, purchased a 5.7-acre parcel at the southwest corner of 7th Street and the Loop 101 in north Phoenix for $1.73 million. The company plans to begin construction in the first quarter of 2001 on the Pima Corporate Center, a two-story office project. Completion is scheduled for the third-quarter. Development costs on the building are projected at $9 million.
Loop 101, which runs east/west through north Phoenix and Scottsdale and north/south along the eastern edge of Scottsdale, has attracted more and more office development as sections have opened or have neared opening. The section of the Loop 101 that will connect to Interstate 17 to Cave Creek Road, which is east of 7th Street, is scheduled to be open by April 2001.
Space in the Pima Corporate Center will lease for approximately $21.50 a square foot.
A Scottsdale-based company formed by Ted Marek and George Haugen sold the parcel.
The Phoenix office of Cushman & Wakefield of Arizona Inc. negotiated the land sale and is also leasing the building.
The company is also developing an 82,000-sf office project in Tempe, just west of Interstate 10 at the northwest corner of Baseline Road and Calle Los Cerros.
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