Kitchell had 65 acres in escrow since 1999, but closed the buyJuly 6, paying $13 million to British bank Standard Chartered andopening the door to the master-planned Riverpoint. "This is reallythe last site available for a master-planned business park adjacentto the airport with freeway visibility," says Mark Sleeth,Kitchell's development director. "We see Riverpoint as an extensionof the success that has been created at Southbank, which is just tothe north of us."

The 23-acre first phase to the master-planned Riverpoint isscheduled to open in 2002. The project site is located on thesouthwest corner of 32nd Street and Interstate 10. It will includea 67,500-sf light industrial building, three flex office buildingsranging from 61,000 sf to 93,000 sf and three retail pads. Land isavailable for build-to-suits or future developments, with sitesranging from three to 15 acres.

"The area around the airport is always in fairly strong demandand it continues to have pretty good leasing activity in thatsubmarket," Mike Beall, a broker in the Phoenix office of Cushman& Wakefield of Arizona Inc., tells GlobeSt.com. "We see this asa freeway interchange site with great access to all points of theValley and easy access to the airport."

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