Camelback and Dysart roads in Litchfield Park
By Champion in : News // Sep 9 2005
CHAMPION PARTNERS DEVELOPING 153,000 SQUARE-FOOT RETAIL PLAZA AND OFFICE CONDOS
A company formed by Champion Partners in Scottsdale (Ricky Lyons, CEO) plans to develop a mixed-use retail-office project just north of the northwest corner of Camelback and Dysart roads in Litchfield Park. Champion Partners is buying the 18-acre parcel in two deals totaling around $3.9 million.
Earlier this year, Champion Partners acquired 4.5 acres and in October the company is scheduled to close on the other 13.5 acres. The seller in both deals is a company formed by investor Robert Leslie of Napa Valley, California. Both sales were negotiated through Mike Schwab of Arizona Land Advisors in Scottsdale. Champion Partners is paying $5 per foot for the land.
Plans from DFD CornoyerHedrick in Phoenix show 35,840 sq. ft. of office condominiums and 117,000 sq. ft. of retail space. Champion Partners will sell office suites and condominium buildings ranging from 1,500 sq. ft. to 10,360 sq. ft. Completion of construction slated for January. Renaissance Cos. of Phoenix is the contractor. Eric Butler and Bret Isbell of Cavan Commercial in Scottsdale have the marketing assignment for the office condominium project, being called Veranda Commons.
Shell space is priced at $185 per foot. Lyons says three-fourths of the office condo buildings have already been sold. 1st National Bank of Arizona in Scottsdale is providing acquisition and development financing.
Construction of the retail plaza is expected to start in January. Completion is project in August 2006. DFD CornoyerHedrick is the architect and Renaissance is the contractor on the retail center, being called Camelback Place at Dysart. Development cost (land and buildings) estimated at about $13 million. Financing still to be arranged. Champion Partners is selling three pads for freestanding buildings and will develop the rest of the plaza. Matt Milinovich, Jeff Alba and Jason Fessinger of Trammell Crow Co. in Phoenix have the marketing assignment for the retail component.
Ace Hardware and will lease 20,000 sq. ft. and pads are under contract to b e sold to Chase Bank and Fletcher.s Tire & Auto Service. Lyons says he has not decided if he will hold or sell the retail project after completion of construction and lease-up. Champion Partners has been an active developer of office condominiums in the Valley.
The company is looking for additional development opportunities in the Phoenix area. The president of Champion Partners is James Lincoln . reach him and Lyons at (480) 922-9212. Talk to Schwab at (480) 483-8100,. Contact Butler and Isbell at (480) 860-6900. Call the Trammell Crow agents at (602) 222-4000.