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MESA, AZ-Marching steadily toward a 915-acre assembly near Williams Gateway Airport, Paragon Properties Ltd. of Carefree, AZ has acquired 311 more acres at the intersection of Pecos and Crismon roads for $23 million. Next month, Paragon Properties will close on the last 225 acres for Williams Trade Zone, a mixed-use development estimated at eight million sf to 10 million sf.

Patrick Hayes Architecture Inc. of Scottsdale, AZ is developing the land plan. Construction costs are unavailable.

Paragon Properties has spent 14 months assembling the land from the local seller, the Barney Family. Brent Moser, vice president with Grubb & Ellis/BRE Commercial LLC’s Phoenix office tells GlobeSt.com the company has invested about $67 million to date on land acquisitions. “Once everything has closed, it’ll bring their total investment close to the $100 million mark,” adds Moser, who with Grubb & Ellis BRE’s senior vice president Mike Haenel represented Paragon Properties in all the land transactions.

Moser estimates the entire build-out will take about 15 years. He says the team is still determining the percentages and type of mix. “They’re still in the planning stages on that one,” he says. “But, it’ll have everything but residential. You’ll have retail, maybe some distribution, cargo-related industrial, class A office and office condos. It’ll run the gamut.”

Moser adds that Paragon will be actively involved in only part of the vertical development. How much will be piecemeal sold to other developers also has yet to be determined.

Construction is scheduled to ramp up in early 2007. “We’re actively soliciting developers right now to take pieces of the property; build-to-suits and potential tenants for hangars and industrial facilities,” Moser says.

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