X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PEORIA, AZ-Nearly 10 years after exiting Arizona, Western States Development has returned with plans to develop a $13-million office condo project in the West Valley. The 78,000-sf Stonegate Office Park, breaking ground in early June, will be ready to occupy in November.

Stonegate Office Park’s collection of eight one-story buildings will sit on eight acres near the northeast corner of 83rd Avenue and Thunderbird Road. Fort Collins, CO-based Western States Development bought the land from Phoenix-based Coyote Thunderbird LLC for slightly more than $2 million. Bryan Johnson, a medical and office condo specialist with Trammell Crow Co.’s Phoenix office represented Western States Development in the land acquisition while Sean Gillespie of Nathan & Associates Inc. represented the seller.

Johnson tells GlobeSt.com that Western States Development wanted to build its first office condo project in the West Valley because of the explosive growth. “The Loop 101 was their target area,” he explains, adding the long-term plan is to build three to five more condo projects in the metro.

Stonegate’s buildings will range from 9,148 sf to 11,657 sf; suites will be 1,150 sf to 11,667 sf. The office condos will sell for $175 per sf, according to Johnson, who is marketing the project. “We’re already seeing some interest from medical and legal professionals, but we don’t have any condos pre-sold,” he says, adding buyers will benefit from nearby amenities like Arrowhead Mall and Peoria Sports Complex.

Stonegate Office Park was designed by David Schmitt of Phoenix. Locally based Hardison/Downey Construction Inc. is 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?

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