Allred Readies for Construction on 92,000 SF of Spec Office Space

CHANDLER, AZ-In an effort to meet growing demand for quality office properties in the Southeast Valley submarket, Douglas Allred Co. will break ground on the second phase of its Allred Park Place, the first speculative office project to take place in the metro area since mid-2009. The 92,109-square-foot commercial development will break ground on Jan. 30, with completion planned for the end of 2012.

According to CBRE’s Scott German, the project at the intersection of Price and Willis roads is a commercial real estate perfect storm, combining quality ownership, building design and the submarket. “This submarket has strong demand,” explains German, who is teaming with CBRE’s Mark Krison to lease the Allred Park Place office space. “What is being introduced here is a class A building with huge floor plates,” he adds.

German tells Globest.com that Allred Park Place phase two will ultimately contain three buildings, and that the the project that will soon go north – building 6 – is intended for a single user. Several players have already shown interest in the building and “I’d be surprised if we couldn’t make a lease announcement within the next several months,” German notes. “We’d love to get this building leased before it’s done, then break ground on the other two.” Phoenix-based Balmer Architectural Group, is the project architect and Willmeng Construction of Mesa, AZ is the general contractor.

The first phase of Allred Park Place consists of three class A buildings totaling 261,860 square feet, and German says the second phase will mirror it. There is approximately 53,000 square feet of commercial office space remaining in the first phase, which breaks down to 17,000 square feet of vacant space in one building and 36,000 square feet in the other.