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INDIAN WELLS, CA-Developer Investco Financial Corp. has started development of Phase II of its Desert Business Park following the closing of the last sales in the first phase of the project, according to CB Richard Ellis. Brian Ward of the CB Richard Ellis Indian Wells office, which is marketing the property, reports that Investco has sold all 21 lots in the first phase of the developments and expects the 14 lots of the new phase will be completed by late summer. Ward attributes the brisk sales at Desert Business Park, which is situated at the southwest corner of Washington Street and Del Webb Boulevard, to the increasing demand in the region for flexible light industrial, showroom, and professional office space. Many of the buyers of the Phase I lots are owner-users who are expected to construct build-to-suits and to move their businesses to Desert Business Park.Besides selling lots to businesses that will locate in the park, Investco has completed the construction of eight buildings totaling approximately 72,000 sf in Phase I. Six of the eight buildings have already been leased and the developer will begin construction in the late summer on a 20,000-square-foot Class A office building at the Park’s entrance. The office building is expected to attract financial institutions, real estate and financial services companies and medical tenants and be completed in early 2005. Investco has developed buildings for lease in Phase I as well. Ward reports that Golf Outlets of America Inc. and CDS Construction recently committed to leasing space in Investco’s newly completed buildings, joining other tenants that have committed to space there. Golf Outlets, which sells golf equipment, apparel and accessories direct to golfers at up to 70% a discount, leased an entire 13,350-sf. CDS Construction of La Quinta, which builds commercial and high-end residential properties, will occupy 5,000 sf of a 7,400-sf building. Both tenants plan to open in the fall.

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