SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Scottsdale-based developer SAXA, Inc. and Caliber Companies announced groundbreaking ceremonies were held today for the new Bahia 101 Class-A Building. This event marks the development of North Scottsdale’s first commercial Class-A building in over five years.
Planned for 40,000 square feet of space, the new three-story commercial office building is on a 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. Currently, it’s the only Class-A office scheduled for construction in Scottsdale Airpark for 3Q and 4Q 2015. Expected building completion date is March 2016.
“We’re excited to start this new office project and again pioneer the commercial market as no new inventory has been released in this area for years,” said Jim Riggs, President of SAXA. “Scottsdale’s office market has seen renewed demand as vacancy has dropped to 11%.” He added, “This 48' high building offers tenants the ability to market their brand to over 200,000 cars per day with huge freeway signage providing one of the last Corporate 101 Freeway frontage sites.”
The Bahia 101 three-story, contemporary office building is 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, three floors of office condos for sale, and multi-tenant suite leasing.
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.
Tempe-based LGE (David Sellers) is the general contractor. Construction financing is sourced by Scottsdale Private Lending. Project co-developers are SAXA and Caliber Companies. PHArchitecture (Patrick Hayes) is the lead architect. All purchase and lease inquiries should be directed to Jim Keeley, Colliers International at 480-655-3300 or firstname.lastname@example.org.
Scottsdale, Ariz.-based SAXA, formerly known as Shea Commercial, is a leading developer of mixed-use projects in the Southwest. With approximately 3 million square feet of office condos developed in nine states, the company has earned 11 NAIOP (National Association of Industrial and Office Properties) awards including three-time Phoenix Office Developer of the Year, and is the industry pioneer in the office condo market. SAXA is also a real estate services company specializing in equity investment, acquisitions and consulting.
About Caliber Companies
Founded in 2009, Caliber has evolved into a diversified real estate investment company that handles all aspects of real estate offerings. Recently named to the 2014 Inc. 500 list as one of the nation’s fastest growing private companies, Caliber assists clients in growing their portfolios with assets including Private Notes, Single Family Residential Properties, Apartment Communities, Office Buildings, Hotels, Real Estate Development, Real Estate Private Equity Funds, Construction and Brokerage Management. To minimize risk and maximize returns, Caliber handles each aspect of the investment cycle in-house, including acquisition, remodel, management, and resale. For more information, please visit http://www.CaliberCo.com.