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SCOTTSDALE, AZ-A local joint venture has snagged 7.45 acres in the 160-acre, mixed- use Chauncey Ranch for $5.4 million. The property, at the southwest corner of Mayo Blvd. and Scottsdale Rd., will be the future site of three office buildings that will total approximately 117,000 sf.The three structures, known as “Building A,” “Building B” and “Building C” will measure approximately 44,969 sf, 54,208 sf and 18,116 sf, respectively. Construction costs could not be obtained by press time.”Their plan is to break ground on this, during the first quarter of 2006, and it’ll possibly be completed by the third quarter, 2006,” says Bruce Campbell, first vice president with CB Richard Ellis Co.’s Phoenix office.Campbell, with colleagues Louis Finocchiaro and Mitchell Stravitz represented the seller, WestRanch Land Co. of Phoenix; and the buyer, Pensive Properties LLC of Phoenix and Scottsdale-based Shea Commercial, in the transaction.Campbell tells GlobeSt.com that this is likely to be the only purchase by the joint venture, and that Shea Commercial will handle leasing activity for the property.

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