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Industrial/Office Condominiums Planned For Dover Industrial Park
MESA, Ariz. (Dec. 22, 2004) - Greenfield Airpark, LLC has purchased land within Dover Industrial Park and plans to develop four buildings of industrial/office condominiums.
The 6.26-acre development parcel is located just north of the northwest corner of Greenfield and McDowell roads within the 65-acre, master-planned Dover Industrial Park. The four buildings planned for the site will contain a total of approximately 80,000 square feet of commercial space and construction of the project is scheduled to begin in May 2005 with completion planned for November. Greenfield Airpark, LLC purchased the property from Dover Associates, LLC for $1,568,209.
"We've developed office/warehouse condominiums throughout the Valley and believe this is going to be a dynamic new center for business," says Brad Davis, principal with Greenfield Airpark.
"This area will really take off with the 2005 completion of the 202 Freeway expansion through North Mesa. The Dover Industrial Park's proximity to Falcon Field, the strong employer base in the area and the growing residential communities were all integral to our choice of this location."
Davis has successfully developed office/warehouse condominiums in Phoenix, Scottsdale and Chandler. This will be the firm's first project in Mesa. Four Leaf Construction will handle general contracting for the development.
"This type of commercial development will ideally complement the overall plan for Dover Industrial Park," says Robert M. McNichols, the managing member of Dover Associates, LLC, owner of Dover Industrial Park. "Our goal is to offer North Mesa businesses a variety of commercial leasing and purchase options within the master-planned campus."
Commercial condominium projects have gained popularity throughout the country in recent years, especially with entrepreneurial companies taking advantage of low interest rates.
"The Falcon Field Business District is home to a wide variety of very successful businesses," says Lois Yates, executive director of Falcon Field Area Alliance. "With one of the lowest submarket vacancy rates in the Valley, we're confident it will attract a great deal of buyer interest."
The Falcon Field Business District is home to more than 1,000 acres of industrial zoned lands and currently contains more than 3.2 million square feet of commercial space. The Business District stretches from the Loop 202/Red Mountain Freeway to the north, Brown Road to the south, Val Vista Drive to the west and Power Road to the east. The area has been a longtime hub for large corporate manufacturers such as Boeing, Special Devices, Inc., MD Helicopters, TRW and Talley Defense Systems. The District offers a wide selection of sites and facilities for both commercial and manufacturing operations. More information about the Falcon Field Area Alliance can be found at www.falconfieldarea.org.
Dover Industrial Park is a 65-acre industrial, office and commercial development park at the northwest corner of Greenfield and McDowell Roads in North Mesa. Dover Industrial Park currently includes Aliant Tech Systems (ATK); Hunter's; Kennedy Design Build; Trans-Matic; and Standard Bolt/Chrome Hardware Supply. Dover Associates, LLC purchased the park in 1999 from The Boeing Company. Phoenix-based Hewson Development Company will break ground in January on the first phase of its 200,000-square-foot speculative industrial/office development within Dover Industrial Park. Improved lots as well as the opportunity for build-to-suit leasing are currently available.
Barry Booth of GMAC Real Estate/S.J. Fowler represented Greenfield Airpark, LLC in the purchase negotiations. Joe Isbell of Daedalus Real Estate Advisors represented the seller. To reach Brad Davis of Greenfield Airpark, call (480) 513-7175. For additional information on Dover Industrial Park, please contact McNichols at 602-889-2301 or visit www.daedalusllc.com.
About Dover Industrial Park
Dover Industrial Park is a 65-acre industrial, office and commercial development park at the northwest corner of Greenfield and McDowell Roads in North Mesa being developed by Daedalus Real Estate Advisors. Dover Industrial Park currently includes Aliant Tech Systems (ATK); Communication Services (CSI); Hunter's; Kennedy Design Build; and Trans-Matic. Dover Associates, LLC purchased the park in 1999 from The Boeing Company. Improved lots as well as the opportunity for build-to-suit leasing are currently available.
About Falcon Field Area Alliance
The Falcon Field Area Alliance is a privately funded non-profit 501C6 corporation which is governed by a local Board of Directors. The Board has broad based membership and be inclusive of the many different groups and interests in and around the Falcon Field area. Daedalus Real Estate Advisors, LLC, developer of Longbow Business Park & Golf Club and Dover Industrial Park, is the sponsoring partner.
About Daedalus Real Estate Advisors, LLC
Daedalus Real Estate Advisors, LLC, is a Phoenix based commercial real estate services company that provides investment, development and communications consulting to corporate real estate clients. Recognized in 2004 as one of the state's most influential developers by Arizona Business Magazine Daedalus Real Estate Advisors, LLC creates master planned commercial and lifestyle en