Douglas Allred Company started construction on another office building at Allred Park Place, a 68,867 SF, 2-story office building east of the NEC of Price and Willis roads in Chandler.
The building, which broke ground in early August, is the second speculative office construction to take place in Metro Phoenix this year.
Mark Krison and Scott German of CBRE’s Phoenix office will handle leasing the new Class A office building for the San Diego-based developer. Krison and German also have the marketing assignment for the balance of Allred Park Place, which includes four additional Class A office buildings totaling 353,969 SF, with 34,495 SF of space available.
“We are extremely pleased with the market’s reception to our new product,” said David Allred, the firm’s executive vice president. “With strong demand and the immediate lease up of our earlier construction, another building at Allred Park Place is warranted.”
Douglas Allred Company broke ground on a 92,109 SF office building at Allred Park Place earlier in the year, which has been leased to Infusionsoft, creator of a web-based, all-in-one sales and marketing software for small businesses. That building is scheduled for completion at the end of the year.
Completion of the newest office building is anticipated by May 2013. Balmer Architectural Group of Phoenix is the architect and Willmeng Construction of Mesa is the contractor.
“The Southeast Valley leads the market in terms of absorption, with nearly 350,000 SF through mid-year,” Krison said. “While demand and supply are high, there are very few new, class A office projects available in the area. Allred Park Place will fill the void, offering exactly what the market demands.”
Allred Park Place, in addition to its location in the highly desirable Price Corridor, has convenient freeway access to the Loops 101 and 202, offering tenants an easy commute from virtually any location in the Valley. The development also offers a wide array of retail and restaurant services with its proximity to Chandler Fashion Center, Chandler Gateway, Chandler Festival Mall and Chandler Pavilions.
Future plans for Allred Park Place include construction of several additional office buildings, which will eventually exceed 1 MSF.