Lauth Property Planning $35M Mixed-Use Project

CHANDLER, AZ-A recent land acquisition is paving the way for Parcland Crossing, a 17-acre, spec office and retail development. Lauth Property Group will begin work on the $35-million project in November.

Located at Loop 202 and Alma School Road, Parcland Crossing will have two office buildings measuring 100,000 sf and 70,000 sf, three retail pads and a strip center with less than 10,000 sf. Lee & Associates’ principal Bill Blake, who represented buyer and seller in the land sale, tells GlobeSt.com that Lauth will build the entire project at once. Completion is planned for November 2008.

“This is a highly desirable commercial market just now,” Blake says. “The location is off one of the first full-diamond interchanges east of the intersection of the 101 and 202 freeways. It’s convenient to get to and the buildings are visible from the freeway.” He and Lee & Associates’ colleague Colton Trauter teamed on the land sale.

CB Richard Ellis is handling the retail leasing while Lee & Associates is overseeing office leasing. The quoted rate for office space is $28.50 per sf.

Phoenix-based Kitchell Corp. sold the acreage to Lauth. Although Kitchell is no slouch in the development arena, Blake says the land was sold because the company is trying to focus more on retail development in other parts of the metro and California. And, he adds, the Indianapolis-headquartered buyer “is always looking for more opportunities in this area.”

Lauth will be the general contractor on the Parcland Crossing. An architect has not been selected.