Shea Commercial just spent $3 million for the land in simultaneous purchases from DMB Construction Inc. of Scottsdale and MCAP Inc. of Toronto. The site sits northwest of the intersection of Baseline and Power roads and east of Superstition Springs Golf Club. US Bancorp of Minneapolis provided acquisition financing.
Charlie Lindgren, COO for the Scottsdale-based Shea, tells GlobeSt.com that about 15% of the 55,000 sf of office condos, laid out in 10 buildings, are under purchase contracts. Meanwhile, pre-leasing negotiations have begun for about 15% of the 12,000-sf retail component, he says. The shells will start turning for tenant finish-outs in March 2005.
"Ultimately our goal is to sell out of the whole project. Anyone who wants to buy or lease we can accommodate. We have the same strategy for the retail portion," Lindgren says. "Most retail tenants don't care to buy. They just want to be a tenant in the building."
Lindgren expects the development will have particular appeal for lawyers, doctors and dentists. The office buildings will range from 4,000 sf to 6,400 sf. The developer is marketing the condos at $165 per sf to $175 per sf. The long-range plan for the retail building is to sell it to a single investor.
Caviness Construction of Phoenix is the general contractor on the Village at Superstition Springs, designed by Lamb Architects of Scottsdale. Kenneth Labbe of Cove Realty Advisors LLC of Scottsdale represented the sellers for the land acquisition while Shea Commercial had an in-house broker working its side of the deal.
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