Val Vista Gateway Nails HQ for First Condo Sale

Canyon Communications paid $3.5 million for the 13,500-sf condo, jumping immediately into the move to 1955 S. Val Vista Dr. from 1630 S. Stapley Dr., which is less than five miles to the east. Greg Hopley, executive vice president in Colliers International's Scottsdale office, says the first sale has spurred more interest and activity for space in the 53,000-sf structure.

"I'd anticipate we would probably have more contracts signed within the next several weeks," says Hopley, who is marketing the project on behalf of developer Caritas Partners Inc. of Long Beach, CA. The asking rate on the office condos is $200 per sf.

Val Vista Gateway Center's second phase was completed in mid-2007. The project's sold-out first phase, also about 53,000 sf, was completed in spring 2006.

Val Vista Gateway Center is part of the 11-acre, mixed-use Val Vista Gateway. In addition to the office condominiums, Val Vista Gateway has 20,435 sf of fully leased retail and 33,666 sf of for-lease office space. Retail tenants include Starbucks, Supercuts, Julio's Too and the Good Egg.

GlobeSt.com recently reported that the area's office leasing market has weakened somewhat, but Hopley says the office condo market, however, is a somewhat different animal. "If you have a great location with a good ingress and egress, you're more apt to do business with an office condominium during a slower time than you would be in leasing," he explains to GlobeSt.com.

Hopley points out that Val Vista Gateway is located across the street from a 70-acre retail project, Dana Point. Plus, he says the condos have a high parking ratio, good signage and excellent visibility. "That's what Canyon Communications needed and that's why they bought it," Hopley adds.