Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DEER VALLEY, AZ-Well-known Valley developers George Bell and Stephen Weiss are planning to develop roughly 275,000 sf of office and industrial product on 19 acres near the intersection of Pinnacle Peak Road and Interstate 17. The duo has paid $7 million for the vacant land.

Bell and Weiss, operating as I-1719 LLC, acquired the unimproved site from Phoenix-based Haugen Enterprises LLC. The yet-to-be-named park is carrying a development cost of nearly $30 million, Weiss tells GlobeSt.com.

Weiss and Bell weren’t the only developers interested in the acreage despite the fact that it sat on the market nearly three years. “We had other offers, but nothing came up to what the seller wanted,” Darren Tappen, a marketing associate with Colliers Classic, tells GlobeSt.com. “Bell and Weiss thought the land stood out as a premium location.”

Bell and Weiss are in the midst of finalizing their plans for the office/industrial park and securing city approvals. “They’ll be ready to start work within six months,” Tappen says, adding the developers plan to focus on for-sale product like design-build projects and speculative space.

Colliers’ Bob Lundstedt, marking his 58th land sale in the I-17 corridor, and Tappen will partner with the developers’ in-house team to market the project, designed by James Elson of Scottsdale. Tappen estimates the space will be brought to market for $130 per sf to $150 per sf.

“There are a lot of factors that are driving companies to want to own buildings in Deer Valley,” Tappen says. “There are a tremendous number of large users coming to the area because they’ve found that Scottsdale is too expensive.”

Tappen says there’s a lack of land with I-17 frontage. Similar land is selling for $8 per sf to $10 per sf. Van Robinson, also with Colliers Classic, helped to broker the land sale. Phoenix-based Meridian Bank NA provided acquisition financing. A construction lender has yet to be picked. Toll Construction Inc. of Phoenix will be the general contractor.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.