MESA, AZ-Dover Associates LLC of Phoenix will kick off work before the year ends on the first phase to a 65-acre industrial park after landing a 20,530-sf build-to-suit for Cornerstone Homes. Another 29,965 sf of spec space will roll out in the $5-million first phase.

Dover has carved out 5.24 acres from its holdings at the intersection of Greenfield and McDowell roads for the first phase, which will deliver in July 2006. “The Cornerstone deal is what allowed us to kick off development on the project,” says Joe Isbell, COO for Daedalus Real Estate Advisors, a Phoenix-based firm hired to lease and manage Dover Industrial Park. Cornerstone Homes will lease the completed building.

Isbell tells that there has been interest in the spec buildings–20,097 sf and 9,868 sf–but nothing has “moved to the level of any lease documentation.” The buildings, like Cornerstone’s build-to-suit, have been configured with 75% office and 25% warehouse space.

Isbell says the quoted rates haven’t been set, but industrial space in the immediate area can average 75 cents per sf to $1 per sf, triple net, depending on tenant improvements. Dickinson Architects of Phoenix designed the project. Local firm, Kennedy Design-Build, is the general contractor.

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