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PHOENIX-Sun Pacific Investments has broken ground on the second and third phases of Deer Valley Business Park. The 131,000 sf of office/industrial condos will cost $10 million to develop.

Jerry Hillery with Colliers Classic in Phoenix tells GlobeSt.com that the park’s expansion will be done in the third quarter. Scottsdale-based Sun Pacific Investments tapped Hillery to market the two phases. “We’ve got a market where it’s extremely difficult for a small business to find a building to buy or land to build a small building, it’s too cost prohibitive,” Hillery says. “That’s where the demand is coming from. There’s not a lot of office and industrial condos available in the Deer Valley submarket.”

The 75,000-sf first phase, completed last year, is sold out. Hillery says the success of the first phase sparked the start of the second and third phases. The buildings are designed with 2,844-sf condo units. Prices start at $125 per sf for shell space.

The second phase takes up two acres at the southeast corner of 18th Avenue and Deer Valley Road. Twin buildings, totaling 51,000 sf, will be divvied into 18 condo units.

Hillery says three of the 36 units in the third phase have been presold to small business owners, including Serious Signs & Specialties. The third phase puts four identical buildings, totaling 80,000 sf, on 4.8 acres at 19th Avenue and Parkside Drive.

Craig & Associates LLC of Phoenix was the project architect for the second and third phases. Four Leaf Construction Co., also a local firm, is the general contractor.

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