X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-As part of its aggressive expansion plans in the Valley, Comerica Inc. has acquired 3.5 acres in the Scottsdale Airpark for $5.5 million.

The site at 14801 N. Scottsdale Rd., sold by the Bloomington, IL-based State Farm Mutual Automobile Insurance Co., holds an 8,000-sf vacant building that formerly housed a collision and claim business, says Brian Black, vice president in Phoenix for Dallas-based Trammell Crow Co. Black and TCC associate Mike Kitlica negotiated on behalf of the Detroit-based Comerica while State Farm relied on in-house representation to steer its talks.

“Comerica is seeking highly visible sites across the Valley that will give them exposure, and it’s almost impossible to find land that fronts Scottsdale Road,” Black says. He tells GlobeSt.com that Comerica plans to raze the vacant building, build a 5,000-sf banking center on one acre and sell the balance of the land. He predicts the acreage will get $20 per sf to $35 per sf.

Comerica is in the midst of the design review with the city. The plan is to break ground in first quarter 2005 and occupy in the summer.

According to Black, Comerica has identified numerous sites in the Valley. He expects the bank will have half a dozen locations by yearend 2006. “They love the growth potential and the demographics of Phoenix,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.