Jacor Buys Seven Acres for 25,000-SF Project

Jacor bought the land from a local investor, Vincent Bauvelt, and Doug Edgelow of Equus Development Corp. in Phoenix. Chris Ackel, a senior associate in Phoenix for CB Richard Ellis, says the parcel at Coyote Lakes Boulevard and Bell Road was a leftover piece from another development. "The remaining frontage is what Jacor picked up, with the small piece in the back that's suitable for office," says Ackel, who partnered with CBRE first vice president Pat Horan on the transaction.

Ackel says a firm construction date hasn't been determined, but Jacor plans to develop four pads and about 10,000 sf of inline space plus an office building in the 10,000-sf to 14,000-sf range. He says because the parcel is very close to Sun City West, a retirement community, the office building could conceivably be attractive to medical tenants. Based on preliminary plans, the construction costs are estimated at $120 per sf to $130 per sf.

Ackel tells GlobeSt.com that Jacor's goal is to sell pad sites on the corner before tackling the rest of the development. "We had some interest from Walgreens, but with things being what they are these days, they decided to pass," he says. "But this is a valuable corner, either for a store or a financial center."

Ackel and Horan have the office preleasing assignment. DL Slaughter Co. of Phoenix is handling retail preleasing.

In addition, Jacor is in escrow to buy an 18,500-sf building at 7th and McDowell avenues in Phoenix. Ackel says the older building would be overhauled and reintroduced to the market. "They're looking for more deals," Ackel says, adding that the company is interested in mostly industrial and mixed-use developments.