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CHANDLER, AZ-McMahon Development Group has purchased 18 acres for $5.84 million, with an eye toward sinking about $20 million more into developing the land. When completed, Chandler Midway Corporate Center will have about 112,000 sf of class A office space for lease and another 79,000 sf of office condominium product.

The Solana Beach, CA-based developer acquired the northeast corner of Chandler and Gila Springs boulevards from First Credit Union of nearby Chandler, which had George Myers of MC Capital/Myers Arizona Real Estate in Scottsdale in charge of the sale. CB Richard Ellis Inc.’s team of Pete Wentis, Kevin Cosca, Steve Gerhard and Mark Bauer represented the buyer.

According to Wentis, groundbreaking on the condo space will be soon. The space is scheduled to deliver in late third quarter 2006. In the meantime, construction will begin in November on 56,000-sf, twin class A office buildings. Its proposed completion date is early fourth quarter 2006.

The CBRE senior vice president tells GlobeSt.com that construction costs for the leased space will be roughly $120 per sf while the office condo space will cost about $100 per sf to bring out of the ground. The build-out plan might be tweaked to include “a small retail component to provide services and amenities for the project,” Wentis adds.

Wentis, Cosca and Gerhard have been hired to market Chandler Midway Corporate Center’s leased space, which is being quoted at $24 per sf. Colleen McPerson and Andrea Ball, also with CBRE, are handling the office condo sales, which will come to market for an average of $180 per sf to $190 per sf.

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