The Scottsdale-based development firm and contractor Exclusive Development Inc. will build two new commercial buildings on the site with completion of both scheduled for July 2003. The buildings, totaling 43,000 sf, will be financed by Marshall & Isley Bank. The buildings will be located at 23030 and 23048 N. 15th Ave.

Milburn Properties, which owned the land, will lease back a 27,000-sf, two-story office and warehouse building for its equine pharmaceutical distribution business, known as Milburn Distribution, at a cost of $2.6 million, Bob Deininger of Scottsdale's Johnson & Associates tells GlobeSt.com.

The second building, a 16,000-sf single-story structure, will be built for Innovaquartz, a fiber optic biomedical firm that manufactures medical devices used in arthroscopic surgery.

Deininger said both firms were attracted to the area because of its close proximity to the Deer Valley Airport, Loop 101 and Interstate 17, providing easy access to other parts of the valley. The area's tremendous growth, with five new communities being built nearby, also offers a large labor base from which to draw employees, he said.

The Deer Valley area is home to several large firms, including American Express, United Cerebral Palsy and USAA Insurance, which is building a new campus that will employ up to 15,000 people. Deininger represented Milburn Properties in the land sale and sale/leaseback.