The Alter Group and John F. Long Properties Announce More Than 1,500 Acres of Major New Development in West Phoenix
March 15 2012 - 12:09PM
Business Wire
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.