Joint Venture Plans 100,000-SF Office Project in North Scottsdale

PHOENIX-Three Arizona firms have formed a joint venture and plan to begin construction on a 100,000-sf office project in Scottsdale within the next six months.

Triway Land Investors LLC, which includes Scottsdale-based Stratford American Corp., Tucson-based Diamond Ventures Inc. and Scottsdale-based Colonial Development LLC, has purchased a 10-acre parcel for an undisclosed amount. The property is located at 92nd St. and Raintree Drive, just east of the newly opened Loop 101 Freeway.

The JV plans to begin construction within the next six months on 10 single-story, freestanding, office-condominium buildings, ranging in size from 7,800 sf to 19,000 sf. The total square footage planned is 100,000 sf. The buildings will be offered for sale in the middle of next year, say company representatives, with completion of construction by the fourth-quarter of 2002.

A host of new office development has sprung up in north Scottsdale around Loop 101 since the freeway interchange was opened more than a year ago. With the new interchange, business owners and executives living in upscale Scottsdale are beginning to relocate their operations there, since workers who live in less expensive housing areas can now can conveniently commute to the area.

At the start of the third-quarter, North Scottsdale had a vacancy rate of 7.6% for class A office space, according to a report by CB Richard Ellis.

Stratford American Corp. is a diversified holding company with interests in oil and gas exploration, real estate development and the rental car industry.