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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.

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