(To read more on the industrial market, click here.)

DEER VALLEY, AZ- Panattoni Development Co.’s Phoenix team has begun construction on a $40-million spec industrial park. The first phase to the 32-acre Alameda Business Park totals 160,000 sf in 10 buildings, all coming out as for-sale space.

The plan is to deliver the first wave in the second quarter and begin work on the next phase in the third quarter. The second phase, also 10 buildings, will total 180,000 sf, with its delivery panned for second-quarter 2008. The spec buildings, rising at the intersection of 19th Avenue and Alameda Road, will range from 11,000 sf to 32,000 sf. The development plan has been working through city channels since the land was bought in May 2006.

Jason Quintel, partner with the Sacramento-based Panattoni, tells GlobeSt.com that two three-acre development sites are being marketed as well. Neither the new buildings nor the land has asking prices.

Alameda Business Park launches Panattoni’s plan to expand its presence in the Phoenix market. “What we’re looking for is additional land to build office and industrial properties,” Quintel says. “We hope to have two or three new projects heading into 2008.”

Panattoni also plans to acquire existing product. It’s seeking industrial and office buildings with value-add or repositioning potential. “These properties give us the opportunity to have a product for sale or lease immediately,” Quintel says.Bob Lundstedt, Darren Tappen, Mike Kane and Brent Gordon with Colliers International Inc. in Phoenix are handling the Alameda Business Park marketing.

Phoenix-based DFD CornoyerHedrick is the project architect. Nitti Brothers Construction LLC in Tempe is the general contractor.

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