Alex. Brown Realty, Inc. Enters Mesa, Arizona Market with Investment in The Commons at Superstition Springs
Alex. Brown Realty, Inc. partners with the A.T. Meridian Companies, LLC to develop 75,000 sf flex/office condominium space in Mesa, Arizona
Contact: Tom Burton
Baltimore, MD (September 13, 2006) – Alex. Brown Realty, Inc. (ABR), a national real estate investment company, has entered into a joint venture with the A.T. Meridian Companies, LLC to develop the Commons at Superstition Springs, a 75,000 square foot flex/office condominium project in Mesa, Arizona. This marks ABR’s first investment in the Mesa, Arizona market. ABR provided an equity investment of $2.4 million to the venture. Equity capital was arranged through Bruce R. Francis of CBRE/Melody Capital Markets.
“We are excited to invest in the Mesa, Arizona market and partner with the A.T. Meridian Companies,” said Thomas R. Burton, ABR’s chief investment officer. “Mesa is one of the fastest growing communities in the Southwest and much of the region’s job growth has been generated by new or expanding small businesses. As a result, you see increased demand from small business owners for owner/occupied space. We anticipate The Commons at Superstition Springs will capitalize on the unmet demand and prove attractive to small business owners seeking to own their own space.”
The project will be constructed on one of the last infill parcels in the master planned community of Superstition Springs, an area developed in the mid 1980s with extensive retail, housing, and commercial properties. The six acre project site also enjoys excellent visibility from Southern Avenue, a major commercial corridor. Planning and construction will occur over a 15-month period, with sales expected to begin in fall 2007.
The 75,000 square foot development will consist of three, 25,000 square foot buildings. Each building will be subdivided into condominiums of 3,000 square feet or greater. In addition, the buildings will have 19’ clear height, roll-up doors in the rear, and glass lines along the front and sides. Interior spaces will be left unfinished.
“The project’s design offers tremendous flexibility,” said Grant Tayrien, a founding partner of the A.T. Meridian Companies. “By allowing for complete or partial build out, we expect the units will be popular with typical office users as well as businesses requiring warehouse, light assembly, and storage space.”
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types. www.abrealty.com
A.T. Meridian Companies, LLC is a privately owned commercial real estate construction, brokerage and development company headquartered in Mesa, Arizona. A.T. Meridian Companies develops, with equity partners, commercial office and flex-office properties in Arizona. Boyd Anderson, Grant Tayrien and Scot Neville are the local principals in the joint venture and have more than 75 years of combined experience in commercial construction, brokerage, development and finance.