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CHANDLER, AZ-A Scottsdale developer is ready to roll on 50,400-sf, six-building office park at the juncture of Price and Queen Creek roads in Chandler. George R. Tibsherany has paid more than $1.3 million for the 7.7-acre tract on the southeast corner to construct the Aquila Professional Office Park.

Ground will break in 45 days, Harold Mogelefsky of Colliers International’s Phoenix office tells GlobeSt.com. He and John Meyerhoffer represented the buyer in the land purchase. Bob Stephens of George Reeve & Associates in Phoenix negotiated the deal on behalf of seller, Del Trailor Trust of Phoenix.

The Aquila Professional Office Park will contain four buildings, each 6,400 sf, and two designs of 12,400 sf each. It’s a small-user condo design for a suburb that’s considered one of the fastest growing in the state.

Tibsherany’s project will be similar, only smaller in scope, to one he’s plotting on a 14-acre tract along Bell Road in Scottsdale. The Scottsdale project will break ground in March 2002, says Mogelefsky. That development has just snared zoning approvals to bring 18 buildings totaling 165,600 sf out of the ground. The Chandler project, which fronts 98th and 100th streets, had all of its necessary approvals prior to the land closing, says the developer’s broker.

The projects come at a time, as everyone is well aware, that the market is saturated with office space, but Tibsherany is banking on the small-user condo design to translate into success in Chandler and Scottsdale. The region’s overall suburban office vacancy right now is riding at 17.1% and commanding rates of $22.78 per sf. Still, there’s a prevailing optimism with Tibsherany’s dual developments since delivery will occur just prior to or during the predicted economic upswing.

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