Local Company Acquires 5-Acre Site, Plans 67,400-SF Development

MESA, AZ-Samuelson McKone Development of Phoenix has purchased 5.33 acres within the 65-acre Dover Industrial Park, with plans to develop two spec office/industrial buildings totaling approximately 67,400 sf. The project, estimated at an all-in cost of $6 million, is scheduled to break ground during spring 2006, with a completion date set for later that year.Danny McKone, a partner with Samuelson McKone, tells GlobeSt.com that the attraction of Dover Industrial Park for him and his partner, Jack Samuelson, is three-fold. "Land values continue to keep growing out there and it's an established business park," he says. "And that was one of the last few pieces of land available, so we wanted to jump on it as quickly as we could."Kris Martin with Grubb & Ellis/BRE's Phoenix office, who represented Samuelson McKone in the land acquisition, will handle leasing activities for the commercial development company. However, "we haven't started marketing the property just yet, though there's a lot of interest out there," McKone says.Kennedy Design Build LLC of Scottsdale, AZ, will be the general contractor on the project, with Phoenix-based Dickenson Architect handling the design. Dover Industrial Park, located at the northwest corner of Greenfield and McDowell Rds, is almost 100% sold, according to Joe Isbell, chief operating officer for Phoenix-based Daedalus Real Estate Advisors LLC. Isbell is marketing the property for park owner Dover Associates LLC.Isbell tells GlobeSt.com that a closing on a 7.82 parcel is scheduled for the end of 2005. That deal will leave 5.67 acres remaining in the park for sale. Dover Industrial Park is part of the Falcon Field Business District, an area of more than 1,000 acres of industrial zoned land.