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Fremont's $21m aquisition loan

A partnership controlled by RESCO Development and RMB Properties based out of Orange County, California have acquired a 7.65 acre site on Hayden Rd, north of Thunderbird Rd and south of Redfield Rd, within the Scottsdale Airpark.

The site is currently improved with a 74,250 sf single-story office building which will be razed to make way for the new project. Current plans call for a 103,000 sf single-story retail building to be called 'Showrooms on Hayden'.

The building will offer 26' interior clear heights as well as various architectural amenities to create high-end showroom space within the highly desirable Scottsdale Airpark submarket.

Based on the planned building heights, tenants will also have the option of adding mezzanine space to individual suites.

The outlook is for 6-12 tenancies ranging in size from 10,000-20,000 square feet, consisting primarily of furniture showrooms and/or home improvement showroom and warehouse space.

The project will have over 900' of frontage along Hayden Rd. located at the southeast entrance to the Airpark.

Fremont Investment & Loan provided a $21,000,000 loan for the acquisition and development of the site, announced David Sotolov, Vice President, Senior Loan Originator in

Fremont's Phoenix office. The debt was arranged by Tim Storey of Newmark Realty Capital of Phoenix.

The property acquisition and loan closed on January 25, 2006.

RESCO has been a very active developer of self storage facilities in California having completed 17 facilities totaling over $100MM.

This will be the first joint project between RESCO and RMB Properties, and the first venture for both in the Phoenix area.

COPYRIGHT 2006 Hagedorn Publication
COPYRIGHT 2006 Gale Group