The developer earlier this month acquired the site at Pima Roadand Union Hills Drive from DMB Associates Inc. and Circle RoadEquities, both from Scottsdale. Jeffrey Wolfer, president andco-CEO of the Hackensack, NJ-based Kennedy Funding Inc., says the81,000-sf retail component and 13,285 sf of office space arepartially preleased. Kennedy Funding provided $11.5 million infinancing for the land acquisition.

Dak Digerness, development associate with National RetailDevelopment Partners, says ground leases have been signed withFresh & Easy Neighborhood Market, M&I Bank and Tutor Timeand final negotiations are under way with Walgreen's."Additionally, we have received numerous LOI's for the multi-tenantoffice/retail space, including several high-end specialtyretailers, a day spa and a variety of restaurants offering casuallysophisticated dining," he says. The buildings are designed forsingle or multi-tenant use.

Digerness tells GlobeSt.com there is a strong demand for theproduct type in the North Scottsdale market due to very limitedavailability of commercially zoned land.