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 3-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 3-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 sourced by Scottsdale Private Lending. Project co-developer’s are SAXA and Caliber Companies. PHArchitecture (Patrick Hayes) is the lead architect.