A local partnership known as DBM Ventures has purchased 2.79 acres within Perimeter Center with plans to develop a $9 million office building in the upcoming year.
DBM Ventures, a partnership comprised of David E. Sellers and two other prominent commercial real estate development leaders, purchased the acreage at 8399 E. Hartford Dr. in Scottsdale in May. The partners plan to develop a two-story, 32,054-square-foot office building on the property that incorporates modern architectural design. Construction is slated to begin at the end of this year with occupancy scheduled for summer 2019.
“The timing is perfect for this project,” says Jim Keeley, SIOR, founding partner of the Scottsdale office of Colliers International in Greater Phoenix. “The site is situated in the heart of one of Arizona’s largest employment centers and is poised for successful development as vacancy tightens during our strong economy. Businesses are eagerly relocating and expanding here in Scottsdale, looking for new, high quality space.”
Keeley negotiated the land sale transaction and will serve as exclusive leasing/sales agent for the development project.
“During the early design stages, this project is available for build-to-suit customization. Additionally, the building is offered for lease and/or sale,” says Keeley.
LGE Design Build will be handling both architectural services, as well as general contracting for the project.
Located within the master planned Perimeter Center, the property is positioned in the dynamic Scottsdale Airpark submarket. The area contains more than 3,000 businesses employing more than 57,000 people. Several companies house their headquarters or regional headquarters in the area, including GoDaddy, YAM Worldwide, JDA Software, Carlise Company, Han Wei Lines, GPS Insight and CVS Caremark.