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SCOTTSDALE, AZ-Voit Development Co. has acquired one of the last remaining parcels of land in Scottsdale Airpark and plans to develop a four-building, 48,000-sf office condominium complex on the site.

The developer purchased the 4.5-acre site at the northeast corner of Hayden Road and Gelding for $3.1 million from Public Storage. Ground will break on the near $4-million complex in late March or early April 2004.

Thomas Kimsey, vice president of Voit, tells GlobeSt.com that the company selected the parcel because of Scottsdale’s strong office market, which he believes could absorb the new development within months of its third-quarter completion. “North Scottsdale has emerged as the strongest submarket in the office section,” Kimsey says. “We saw this as a great opportunity to move forward with an office development.”

Kimsey adds that “we are meeting demand that currently exists in a market that is approximately 90% percent built out. With today’s low interest rates, we are confident that businesses will continue to gravitate toward space which can be purchased rather than leased, especially in one of Phoenix’s strongest markets.”

The single-story speculative buildings will feature glass-and-block construction with split block accents and interior space that can be divided into units of 1,200 sf to 14,000 sf. The property will be marketed at shell rates of $180 per sf, Kimsey says.

Locally based Brad Logan of Cavan Commercial represented Voit Development in the land acquisition. The seller, Public Storage, was represented by Mark Linsalda with Lee & Associates Arizona.

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