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Douglas Allred Company Secures $73 Mil to Start Work on Spec AZ Office Project

6/17/20

Douglas Allred Company has obtained $73.5 mil in financing for development of a 300k sf, Class A spec office project in Chandler, AZ. The funding consists of a $46 mil construction loan from Bank OZK and $27.5 mil in mezzanine equity provided by an insurance company.

The project comprises two, three-story buildings and an 800-stall parking structure. The concrete tilt-up buildings will offer 10 to 12 ceiling heights, high-quality finishes and a 6/1,000 parking ratio.

Eric Flyckt and Casey Allred with NorthMarq Capital arranged the financing. Construction will commence immediately with completion scheduled for October 2021.

The project is within Park Place, a 200-acre business park assembled and developed by the Douglas Allred Company beginning in 2007. It is located at the intersection of the 101 and 202 freeways, which is home to leading-edge companies involved in financial services, technology, life sciences and other industries needing a skilled and educated workforce. In addition to Class A office buildings, this master-planned park includes restaurants and hotels.

To date, Douglas Allred Company has completed 1.53 msf in Park Place comprising office, manufacturing and retail buildings. All but one of the 10 office buildings have been built spec. The office buildings total 1.25 msf and are 95% leased mostly to major national companies many of whom are investment grade.




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