A venture formed by Trammell Crow Co. in Phoenix has completed the purchase of a site in Chandler to develop a 200KSF speculative office project (AZBEX, July 15, 2014).
The two-building complex, being called Mach One, will be built on a parcel located within the Chandler Airport Center business park. The Class A office space is targeted for a 19-acre site located along the south side of the 202 Loop (San Tan Freeway) and just east of Cooper Road.
A company formed by Trammell Crow and Prudential Real Estate Investors paid $5.4M ($6.50 per foot) to buy the land.
Butler Design Group in Phoenix is designing the project, which will be comprised of two, two-story buildings each totaling 100KSF. Construction will start immediately with completion of the shell structures to take 12 months. Willmeng Construction Inc. in Mesa will serve as contractor.
Development cost (land and buildings) is estimated at $38M. Alliance Bank is providing construction financing.
The parcel acquired by the Prudential/Trammell Crow venture is within the 133-acre Chandler Airport Center, which is being developed by an affiliate of Disney Corp. Chandler Airport Center is located along a highly desirable employment corridor that runs from the 101 Loop in South Scottsdale and bends east along the 202 Loop through Chandler and into Gilbert.