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April 26, 2008 - 5:21AM
Pima Center business park keeps on growing
Misty Williams, Tribune
The north East Valley continues to prove itself a hotbed of commercial development as construction continues on the 209-acre Pima Center business park.
Located at Via de Ventura and Loop 101 on Salt River Pima-Maricopa Indian Community land, the project will eventually encompass 3 million square feet of offices, distribution space, shops, restaurants and hotels.
Industry experts say the Scottsdale region will remain one of the hottest areas for office development this year, despite a slowdown in commercial construction.
Some 405,000 square feet of high-end office and medical office space are under construction at Pima Center, which is being developed by Main Spring Capital Group. A total of 783,000 square feet have already been completed with 611,000 square feet leased out so far. Tenants include Rural/Metro, Medicis Pharmaceutical and Calex Homes.
NAI HORIZON
A major commercial real estate brokerage firm has closed its Las Vegas office - setting its sights on building up its Valley operations.
Executives at NAI Horizon say the move comes in the wake of a severe downturn in the Las Vegas commercial real estate market.
Phoenix "has a much broader and deeper economic base than we see in Las Vegas, and is going to be able to ride more evenly through the current slowing economy," Phoenix division President Thad Seligman said in a statement.
NAI's Valley office currently has 42 brokers and 11 staff members and completed more than $1 billion in transactions last year.
THE ALTER GROUP
The Alter Group, a commercial developer, is continuing to see activity at its business park project in east Mesa.
The National Academy of Sports Medicine recently moved into the Arizona Health & Technology Park, leasing 8,000 square feet of space.
The Chicago-based developer recently began construction on the last of three 42,000-square-foot office buildings at the business park near Baseline and Recker roads. The third building is slated for completion in the fourth quarter of this year.
VANTAGE
Scottsdale's WestStone Communities recently completed work on the clubhouse for a luxury condominium development in Ahwatukee Foothills.
The first phase of the 127-unit community, called Vantage, is expected to be complete in June with condos priced from the high $200,000s to the mid-$500,000s. The units will also range in size from 1,170 square feet to 2,168 square feet.
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