The class-A office is going up on three acres, for which the two firms have jointly paid $2.1 million. Markel plans to fill 30,000 sf and market the balance. A summer start is planned for construction so Markel can move into the project in early 2002.
North Scottsdale is metro Phoenix's fastest-growing office market. The area has nearly doubled in size in the past five years and now has more than 60 office buildings. Despite its rampant growth, north Scottsdale with its 9% vacancy is one of the lower vacancy rates in the area, according to CB Richard Ellis.
Chuck Nixon and Kit Tiedemann, both of CB Richard Ellis, have negotiated the land sale for the buyers. Tom Treaccar of Treaccar Realty has handled the transaction for seller, the Mall at the Crossroads of Scottsdale.
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