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MESA, AZ-A year and a half after acquiring land in the 65-acre Dover Industrial Park, a Phoenix developer is preparing to break ground on the speculative, $8.2-million Red Mountain Business Center. The center’s two flex buildings total 66,476 sf and are scheduled for delivery during early 2008.

Developer Samuelson-McKone acquired the 5.5-acre site in early 2006 from Dover Associates LLC. Red Mountain Business Center will consist of the multi-tenant 27,437-sf Building One at 4310 E. McDowell Rd. and the 30,039-sf-sf Building Two, which is around the corner at 2845 N. Omaha St. Samuelson-McKone principal Danny McKone says Building Two is geared toward one large single-tenant user, or at the most, two users.

He says that while some time was spent working through the city’s permitting process, there was never any doubt that the market was ready for the product. “Red Mountain will be in an already stabilized business park that’s almost completely built out, and it’s across the street from Falcon Field, where Boeing is,” he says. “The industrial market is currently off the charts.”

McKone tells GlobeSt.com that, given the interest in Red Mountain Business Center, the larger building will likely be leased up by delivery, with the smaller building having attracted two or three tenants. “We’ve had three different groups looking at the larger building, and interest has grown now that we’re moving construction on the smaller one,” he adds. Kris Martin and Marc Tuite of Grubb & Ellis/BRE Commercial LLC will handle leasing for Red Mountain Business Center. The quoted lease rate is $.90 to $1.15 per sf, triple net.

Dickinson Architects Inc. of Phoenix is the project designer, while PFG Construction Inc., another local firm, is the general contractor. MidFirst Bank’s Phoenix office is handling construction financing.

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