LaPour Partners Pencils Work on 650,000-SF Plan

LaPour Partners picked up the land at 7th Avenue and Rose Garden Lane in fall 2006 through a 65-year land lease with the state. Jeffrey LaPour, president and owner of LaPour Partners, says the long delay between the land deal and construction was due to entitlement work with the city and state. "We also had other projects we had to finish up," LaPour explains.

LaPour tells GlobeSt.com that the Deer Valley park will ultimately be built out to 650,000 sf in a mix of speculative and build-to-suit projects. The first spec building is divisible to 15,000 sf. Lease rates have not been determined nor have construction costs been finalized.

LaPour Commerce Park's timeline will greatly depend on leasing or build-to-suit activity, but LaPour isn't concerned the project will languish. "The economy in Phoenix has fallen from its peak, but we work in a niche market with a product that is historically strong in the area," he explains. "There are still single-digit vacancies in the submarket."

Figures from Grubb & Ellis Co.'s Q1 report support LaPour's assertions. The Deer Valley submarket has a 13-million-sf inventory, with one million sf available or a 7.7% vacancy. Cushman & Wakefield of Arizona Inc.'s report tells a similar story: a 12.3-million-sf inventory, of which 786,059 sf is empty for a 6.4% vacancy rate.

Steve Sayre and Pat Harlan with Cushman & Wakefield's Phoenix office, have the leasing assignment. Patrick Hayes Architecture in Chandler, AZ is the architect. A general contractor hasn't been selected.