THE ELLMAN COMPANIES SELECTS SHEA COMMERCIAL TO MARKET 90,000 SQ. FT. OF OFFICE CONDOMINIUM SPACE AT WESTGATE CITY CENTER
Nation’s largest office condo developer validates west valley momentum
SCOTTSDALE, AZ —The Ellman Companies, master developer of Westgate City Center in Glendale, Ariz.,
today announced the sale of 90,000 square feet of Phase I, Class A office loft
condominium space to Scottsdale, Ariz.-based Shea Commercial, the nation’s
largest developer of office condominiums. Shea Commercial will market the condos
to local companies seeking office ownership.
The office loft condominium, located in Westgate’s “Village” area,
represents almost half of the 220,000 square feet of office space that will
debut this fall. The entire first phase is 510,000 square feet, including the
office, with approximately 290,000 square feet of retail, dining and entertainment
space. The Village’s first office and retail tenants and users will open
this fall. When fully developed, Westgate City Center is expected to have over
3 million square feet of Class A loft office, garden office and mid-rise office
products throughout its 223-acre urban village.
“We are excited to become a part of the Westgate phenomenon,” explains
Jim Riggs, Shea Commercial’s chairman and CEO. “Westgate has emerged
as a signature address for offices and retail in the West Valley. We are pleased
that Shea Commercial will market the office condos at this location. The continued
strength of real estate ownership and the growth of small- and medium-sized
businesses in this corridor will place our product in high demand.”
“Shea Commercial’s presence at Westgate validates the momentum
of Westgate City Center and the West Valley,” adds Steve Ellman, chairman
and CEO of The Ellman Companies. “We are delighted to partner with Shea,
a company that brings a solid history and proven track record of expertise,
quality and integrity to Westgate.”
CB Richard Ellis brokered the Shea-Ellman partnership in which Shea will re-package
the office condos for sale to businesses and professional corporations that
have the ability to purchase and own their office space. An industry leader,
Shea Commercial holds several listings for office space throughout the Valley
available for sale or lease, including the prestigious Scottsdale Waterfront
offices located at the intersection of Scottsdale and Camelback Roads.
About Westgate City Center
The Westgate City Center (www.westgateaz.com) will become a super-regional
destination, projected to attract approximately 22 million visitors annually.
Upon completion, Westgate will include up to 6.5 million square feet of retail,
entertainment, restaurants, office, residential, and hotels, making Westgate
one of the largest commercial real estate developments in North America. Estimated
cost for the complete buildout of the Westgate City Center is approximately
$1 billion.
Anchoring the Westgate City Center is the Glendale Arena, a 17,799-seat multipurpose
arena that is home to the NHL's Phoenix Coyotes and the NLL's Arizona Sting,
the Arizona Cardinals' NFL stadium (under construction and slated to open in
fall 2006), and a 320-room Renaissance Hotel with a 80,000-square-foot convention
center. Phase I of the Westgate City Center (approximately 510,000 square feet
of retail and loft office) currently is under construction, including a 4,000-seat
20-screen AMC Multiplex Cinema, and is scheduled to open in fall 2006.
About Shea Commercial
Scottsdale, Ariz.-based Shea Commercial operates as a developer and broker
of office condominium properties. With approximately 3 million square feet
developed in four states, Shea Commercial has earned NAIOP (National Association
of Industrial and Office Properties) Arizona Chapter’s 2002, 2003 and
2005 Developer of the Year awards. The company also received the NAIOP Southern
Nevada Chapter’s Office Building: Single Story, Small Building of the
Year award. Shea Commercial also maintains offices in Dallas, Texas, and Las
Vegas, Nev. For more information, visit www.sheacommercial.com or call Shea
Commercial’s corporate headquarters at 480.451.9077.
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The Ellman Companies
Jeffrey Hecht
(602) 667-8003
Jodi Amendola
Amendola Communications for Shea Commercial
(480) 664-8412 ext. 11
jamendola@acmarketingpr.com
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