PHOENIX-The Alter Group has obtained an important amenity for its 80-acre Corridors-Phoenix Business Park, selling 3.1 acres to Drury Southwest Inc. The $2.9-million land buy will allow the developer to build a 180-room Drury Inn & Suites Hotel.

Groundbreaking for the hotel project is scheduled for Q1 2008, with completion eyed for early 2009. Alter Group’s senior vice president Kent Moe says the new hotel will provide a great amenity for the business park at Pinnacle Peak Road and Interstate 17.

“Physically, this will be the first hotel to arrive in the area, but there are others in planning phases,” he says. “This has been an underserved area for some time.” Drury Inns Inc. will manage the hotel.

The Chicago-headquartered Alter Group began work on Corridors-Phoenix Business Park in 2000. Its first spec project was leased by the Chubb Group of Insurance Cos. of Warren, NJ for its regional headquarters. When build-out is complete, the park will have 1.2 million sf of spec and build-to-suit office space, with three acres set aside for a retail development.

Moe tells that 40 acres remains in various stages of planning and development for single- and multi-tenant uses. As the deal with Drury Southwest Inc. was being signed, the Alter Group was putting the completing touches on a 130,190-sf build-to-suit for the Arizona State Credit Union.

“We have six buildings up right now,” Moe adds. “The land we have remaining has the ability for build-to-suits and we can be flexible with an end-user’s needs.”

Ashley Brooks, senior vice president with CB Richard Ellis’ Phoenix office, represented the Alter Group. Norman Hurd with Empire Commercial Real Estate in Ontario, CA handled the deal for the Cape Girardeau, MO-based Drury Southwest Inc.

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