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SCOTTSDALE, AZ-The design plans haven’t yet been approved by the city, but that hasn’t stopped buyers from plunking down $170 per sf to own their own office condominium at 94 Hundred Shea, a $26-million medical office and retail development planned for 94th Street and Shea Boulevard.

“It’s really a hot property,” Colleen McPherson of CB Richard Ellis Inc.’s Phoenix office tells GlobeSt.com. “People have already reserved two of the four buildings without even seeing a brochure.”

The allure of the property is not just it’s Tuscan style-design with stone and slate exteriors, lush landscape, water features or abundant parking, said McPherson, the property’s marketing and leasing specialist. Medical professionals are also finding the 110,000-sf office and retail complex to be a good investment. “It will give people instant equity,” she noted.

By next month, long before the complex is set to break ground in January 2003, buyers will already see a profit. That’s when the cost is scheduled to increase to $180 per sf.Even that is a bargain compared to other medical office condos currently selling for $175 per sf, she said.

“None of them match the architectural design of this project,” McPherson said. Nor will they be able to match the site’s many amenities. Along with its easy access to the Loop 101, Shea Boulevard and Scottsdale Healthcare North, the complex will include 70,000 sf of medical offices known as the Offices at 94 Hundred Shea along with 40,000 sf of retail space for restaurants, spas and boutiques. The Shops at 94 Hundred Shea, the retail component, will bring a vibrancy to the complex not found in other developments, McPherson said.

“The unique synergy of this project is that the office will provide the customers for the boutiques, retail and spas and the retail will provide the amenities for the offices,” McPherson explained.

Built by Westar Development Co. of Phoenix, the project is set to be completed by the fall 2003. McPherson and Bryan Johnson, also of CB Richard Ellis, will handle the marketing and leasing duties for the complex. CBRE’s Bob Pearlstein is in charge of marketing the retail component.

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