Kitchell Development of Phoenix (Jeffrey Allen, President), the developer of San Dorado mixed use development on the east side of Oracle at First in Oro Valley broke ground this month. Approximately 65,350 sq. ft. was sold to CVS for $1.35 million ($20.66 PSF). Armstrong Development, the builder for CVS Pharmacy in Arizona, will build a 13,485 sq. ft. CVS on this PAD ‘A’ on site plan.
Firm commitments at San Dorado include Mark Taylors’ Apartments for a 275-unit multifamily luxury apartment complex. The residential portion will be on 15.73 acres and being used for 374,817 sq. ft. building area in 2-story and 3-story buildings. Parking ratio will be 1.95 per unit. For earlier story click here http://realestatedaily-news.com/phoenix-builders-jv-on-luxury-apartments-shopping-in-oro-valley/
Panera, formerly known as Paradise Bakery has leased a 2,500 sq. ft. space and Mattress Firm the adjoining 4,000 sq. ft. to fill “Shops B” located next to CVS.
Tyler Chester with Phoenix Commercial Advisors says, “There has been an increase in interest since the project broke ground this month. San Dorado is a very attractive site and something some thought would never happen. Now that it is going forward and they see ground breaking, there’s a lot of excitement.”
The commercial site plan shows 12.09 acres to be used for 66,880 sq. ft. commercial development. The pad shops run from 6,800 – 8,000 sq. ft., but there is some fluidity with the site plan to accommodate larger tenants, according to Chester. Parking ratio for the commercial development is 5.7 /000
Greg Laing, Dan Gardiner, Tyler Chester and Teale Bloom of Phoenix Commercial Advisors in Phoenix is handling leasing of the commercial project and also represented the seller in the sale to CVS.
Darren Pitts and Michael Clark of Velocity Retail Group in Phoenix represented the tenant Mattress Firm.
Kitchell can be reached at (602) 264-4411. Laing is at (602) 734-7207, Gardiner is at (602) 734-7204, Chester can be reached at (602) 288-3480 and Bloom is at (602) 288-3476. Pitts and Clark should be reached at (602) 682-8100.
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