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PEORIA, AZ-With plans to develop a $30-million, mixed-use project, the Plaza Cos. has purchased eight acres at Thunderbird Road and Plaza del Rio Boulevard for $2.1 million from Sun Health Properties Inc.

The parcel is the first piece of a larger tract within the Plaza del Rio master-planned medical campus that the company hopes to have under contract soon, says Peter Spier, a development associate with the Plaza Cos. The Plaza Cos. owns about 300,000 sf of medical office space in the Plaza del Rio campus.

Spier tells GlobeSt.com that the Plaza Cos. plans to break ground on the mixed-use project during the first half of 2005 and expect to complete it before January 2006. The project will consist of roughly 100,000 sf to 140,000 sf. The breakdown calls for 10,000 sf to 15,000 sf of retail space, 12 to 19 office condos with an average size of 6,000 sf and a 20,000-sf to 30,000-sf medical office building. Phoenix-based DFD Cornoyer Hedrick designed the mixed-use project, which may eventually have a specialty hospital component, Spier says.

Chaz Smith and John Finnegan of NAI Horizon plus Dave Rothschild of CB Richard Ellis Inc. represented Sun Health Properties Inc. The Plaza Cos. had an in-house broker handle its side of the talks.

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