GILBERT, AZ-A niche developer of retail strip centers from Los Angeles has bought 1.7 acres for its first project in the Valley. Ground will break in the fourth quarter on a 12,000-sf project.
Elsinore Developers LP acquired the last piece of available land in the Continental Tech Center from Biltmore Holdings XI LLC for $696,456. The multi-tenant retail project, which has yet to be named, will cost roughly $2 million, including the land cost, says Marc Tuite, a senior associate with Grubb & Ellis/BRE Commercial LLC. The Arizona Avenue land is suited for light industrial or retail development, he says.
Tuite tells GlobeSt.com that two investors made offers on the acreage during a three-month run on the market, but Elsinore Developers had the highest bid and offered to pay in cash. He says the acreage is suited for light industrial or retail development.
Grubb & Ellis/BRE Commercial is preleasing the project. Synectic Design Inc. of nearby Scottsdale has been tapped to design the center while Fleming-West Building Co. of Chandler will be the general contractor.
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