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SCOTTSDALE, AZ- National Retail Development Partners LLC will break ground in the third quarter on the $45-million Ironwood Festival. The 94,285-sf shopping center, ticketed for a 13.9-acre tract, will deliver by second-quarter 2009.

The developer earlier this month acquired the site at Pima Road and Union Hills Drive from DMB Associates Inc. and Circle Road Equities, both from Scottsdale. Jeffrey Wolfer, president and co-CEO of the Hackensack, NJ-based Kennedy Funding Inc., says the 81,000-sf retail component and 13,285 sf of office space are partially preleased. Kennedy Funding provided $11.5 million in financing for the land acquisition.

Dak Digerness, development associate with National Retail Development Partners, says ground leases have been signed with Fresh & Easy Neighborhood Market, M&I Bank and Tutor Time and final negotiations are under way with Walgreen’s. “Additionally, we have received numerous LOI’s for the multi-tenant office/retail space, including several high-end specialty retailers, a day spa and a variety of restaurants offering casually sophisticated dining,” he says. The buildings are designed for single or multi-tenant use.

Digerness tells GlobeSt.com there is a strong demand for the product type in the North Scottsdale market due to very limited availability of commercially zoned land.

Wolfer says the location and developer’s reputation were two reasons why Kennedy Funding wanted to be part of the project. “We went in, did the due diligence and liked the property and location,” he says. “They’ve been around for awhile and have developed some great quality projects out there.”

Butler, Rosenbury and Partners, Inc.’s Phoenix office designed Ironwood Festival. The general contractor has yet to be picked. Dave and Brian Slaughter with DL Slaughter Co., also in Phoenix, are leasing the development.

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