X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GILBERT, AZ-A New England developer has grabbed his second project site in the metro, spending $27.7 million to acquire 45.47 acres for the 400,000-sf San Tan Square at Spectrum. Work will begin in late 2007 on the first phase of the estimated $100-million, mixed-use project.

Stephen Vazza, development executive for the Canton, MA-based Vazza Co., says the first phase will put 100,000 sf of office condo development and 100,000 sf of retail at the intersection of Val Vista and Williams Field roads. “We haven’t determined the percentage of condo versus lease,” he says.

Vazza has formed a joint venture with Bank of America subsidiary, Trisail Capital Corp., for the development, which will be situated about a half-mile west of the San Tan Freeway. He says the second phase will depend on how well the initial phase does in the market. The first phase delivers in third quarter 2008.

Vazza had been eying the land for a couple years after Aspen Highlands Holdings LLC in nearby Scottsdale bought it. “The seller had it for at least a year, maybe longer, and was going to go forward and develop it,” John Werstler, senior vice president with CB Richard Ellis in Phoenix, tells GlobeSt.com. “He’d annexed the property, zoned it and was ready to move forward, but then Steve Vazza stepped forward and offered to buy it.”

Vazza says San Tan Square at Spectrum is being developed simultaneously with North Valley Corporate Center. And, he’s looking for more land in the area. “San Tan is a great location in a dynamic market,” he emphasizes. “It’s a growing area and one of the best markets, which is why I picked it.”

Bill Douglas with the Upland Group in Tempe is handling retail leasing. Still to be decided is the office broker and general contractor. Lamb Architects Inc. of Scottsdale designed San Tan Square. National City Bank of Ohio issued senior debt for the project.

Teaming with Werstler to represent the buyer was CBRE first vice president Jerry McCormick. Jack Wilson, senior vice president of Phoenix-based Grubb & Ellis

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.