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.

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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.

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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.

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Wolfer says the location and developer's reputation were tworeasons why Kennedy Funding wanted to be part of the project. "Wewent in, did the due diligence and liked the property andlocation," he says. "They've been around for awhile and havedeveloped some great quality projects out there."

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Butler, Rosenbury and Partners, Inc.'s Phoenix office designedIronwood Festival. The general contractor has yet to be picked.Dave and Brian Slaughter with DL Slaughter Co., also in Phoenix,are leasing the development.

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