The three-building Washington Point Business Center will break ground in first quarter 2007 at the corner of State Highway 143 and Washington Street. Completion is anticipated for fourth quarter 2007. The construction cost, as are the proposed lease rates, is still being fine-tuned.
Lauth picked up the development site in an off-market deal with Landbanc Capital of Beverly Hills, CA. Landbanc had acquired the acreage about a year ago and held it as an investment. "They weren't sure what they were going to do with it, though they were planning some developments," says Jim Fijan, executive vice president with CB Richard Ellis in Phoenix.
Fijan, who represented the seller, says Lauth was brought in because of its interest in developing by the airport. "This looked good for them. They liked the airport area and they wanted to make an offer on it," he tells GlobeSt.com.
Lauth, a general contractor, plans to build Washington Point Business Center in two phases. Fijan is teaming with CBRE's Jerry Roberts to lease the park. Ideally, Fijan says they want to get as much preleased as possible before the space comes on line. And the ideal tenant is one whose must-haves include airport and freeway accessibility to the entire Valley.
Fijan says acquisition and construction financing was provided by Compass Bank. The Denver-based SEM Architects Inc. designed Washington Point Business Center.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.