Scottsdale-based developer, SAXA, Inc. and Caliber Companies is partnering to develop and build a new 40,000 square foot Class-A commercial office building in North Scottsdale, Arizona. The 2.5-acre site, located within Horseman’s Park on the northeast corner of the Loop 101 freeway and south of Bell Road on Bahia Drive, will be the first new Class-A build in the area since 2009. Groundbreaking for the $7M Bahia 101 project is scheduled for June 1, 2015 with an expected completion date of January 2016.
“This is an exciting opportunity to partner with our lead investor, Caliber, to fulfill rising demand for Class-A office in the area,” said Jim Riggs, President of SAXA. “The Bahia 101 site, with its proximity to the Scottsdale Airpark business and retail amenities coupled with McDowell mountain views and access from the 101 freeway, makes this site highly desirable as frontage sites in the area are scarce.”
When completed, the Bahia 101 3-story, contemporary office building will be conducive to single or multi-tenant occupancy including technology, medical, corporate headquarters and start-ups. Several purchase and lease options for the building are available: entire building purchase, 3 floors of office condos for sale, multi-tenant suite leasing.
“With lower vacancy rates, there’s a need for new high profile professional office buildings surrounding the Loop 101/Scottsdale Airpark employment base,” said Jim Keeley, Designated Broker of Colliers International. “The delivery of this office building in early 2016 is ideal due to the absorption of space in older buildings that were built just prior to the 2008 recession. Many of these older buildings lack the new technology and conveniences that Bahia 101 will provide.”
The Bahia 101 development project is the newest investment property to be included in Caliber’s private equity fund, the Caliber Distressed Real Estate Income Fund (CDIF). Caliber assists clients in maximizing their growth potential and income through diverse, asset-based investment strategies. CDIF acquires and improves commercial real estate properties, builds community betterment, creates new jobs and widens property ownership opportunities for investors. Key properties acquired and/or renovated through the Fund include the Hampton Inn & Suites Scottsdale-Riverwalk, Crowne Plaza Phoenix Airport, 167-unit Sunrise Apartments in Tucson, 70-unit Mountain View Square Apartments in Phoenix and Baywood Square Professional Park in Mesa.
According to Chris Loeffler, Co-Founder and CEO of Caliber Companies, “We’ve worked with SAXA on previous real estate transactions and feel they hit the timing of this project perfectly.” He added, “We’re excited to add Bahia 101 to our portfolio. There’s customer demand for the product type indicating multiple bidders for the final product. We welcome the opportunity to play a role in adding to the North Scottsdale landscape.”