The seller originally marketed the land at the corner of Loop 202 and Price Road on a take-it-all basis, but then broke it into parcels, which also included multifamily and industrial acreage. "This was the final component of that larger project," says Brad Anderson, senior vice president in CB Richard Ellis' Phoenix office. The CBRE sales team also included first vice president Lucas Walker, senior associate Bryan Taute and project manager Holly Lorant.
Anderson tells GlobeSt.com that the final piece of acreage stimulated a great deal of interest. "There were multiple bidders," he says. "This was a very public beauty contest." Ultimately, El Dorado selected Lees Mayfield as the buyer because of its aggressiveness and high level of interest. "Other very capable developers made offers, but it became apparent after getting the initial and second-round bids that they were able to differentiate themselves from other buyers," Anderson says.
Groundbreaking is scheduled for the fourth quarter. Completion on the first wave of space is anticipated by third quarter 2007. Lees Mayfield could not be reached for comment about the plan, but Anderson estimates the first phase could carry a $40-million to $50-million tab. "They'll likely spend more on the front end because they're putting in the infrastructure for the entire site," he adds. CBRE's local team is preleasing the development.
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