?John F. Long Properties LLLP (JFL) of Phoenix and The Alter Group, Ltd. (TAG) of Chicago, two highly respected family-owned companies, will jointly develop three major business parks in West Phoenix totaling in excess of 1,500 acres, with substantial frontage on both sides of the Loop 101 freeway. The parks will offer virtually every type of commercial space, including medical office buildings, Class A office space, light industrial and retail, and are expected to drive economic expansion for West Phoenix for several decades. Projections estimate up to 65,000 people being employed in these parks when they are fully built. More info at: www.alterwestvalley.com.
?This collaboration is significant because both of our firms are family-owned real estate companies which have been in business more than a century combined. We?ve flourished through numerous recessions because of our internal capital, our ability to manage risk and our long-term view of the development process,? said Michael Alter, President of The Alter Group.
?This team has an impressive track record of creating high quality business parks that attract the country?s finest corporations,? says Barry Broome, president and CEO of the Greater Phoenix Economic Council.?
JFL owns the property that is slated for development, much of it for over 50 years; TAG will market and develop parcels within the properties to potential users, leveraging its development expertise to maximize the property value.
?The West Valley, with the creation of Westgate, its two signature sports arenas and the completion of the west Loop 101 in the past decade, is positioned to be a major economic and employment area,? says Jake Long, General Partner of John F. Long Properties. ?As experts and veterans of West Valley real estate, we are creating these new employment parks now that the community is ready, and we?re invested for not just decades, but generations to come.?
Estimates show that approximately 70 percent of future housing in the Valley will be focused in the West Valley.
The three new parks are:
Aldea Centre, situated on 150 acres at the southwest corner of 99th Avenue and Bethany Home Road. Scheduled to deliver its first sites in mid 2012, the park is being planned for office and ?flex? space users.
Algodon Center, which bisects Loop 101 and stretches from Thomas Road to Campbell Avenue, just south of Camelback Road. The first phase of the 1,00-acre campus is Algodon Medical and Office Park, situated directly across Thomas Road from Banner Estrella Hospital.
The 300-acre Copperwing Business Park at the southeast corner of Glendale and 115th avenues, adjacent to the Glendale Airport. This project will offer commercial space for manufacturing and light industrial users.
Each of the three master-planned business parks is fully zoned and ready for build-to-suit consideration. For more information about purchasing a site or discussing a build-to-suit opportunity, contact Justin Miller or Kurt Rosene at The Alter Group: ????????????(480) 302-6600??????.
Founded by William A. Alter in 1955, The Alter Group has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. Named NAIOP National Developer of the Year, the company was recently ranked as #3 in the National Real Estate Investor survey of America?s top office developers.
Founded by John F. Long in 1950, John F. Long Properties has built more than 35,000 single family affordable homes and over 3,000,000 square feet of commercial development.
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The Alter Group, Ltd.
Robin Vitols, ????????????(602) 957-8844??????
robinvitols@me.com
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