First New Scottsdale Airpark Class-A Office Building to Be Built in Over Five …

SCOTTSDALE, Ariz., Jul 23, 2015 (BUSINESS WIRE) —
Scottsdale-based developerSAXA, Inc. andCaliber
Companies
announced groundbreaking ceremonies were held today for
the new Bahia 101 Class-A Building. This event marks the development of
North Scottsdale’s first commercial Class-A building in over five years.

Planned for 40,000 square feet of space, the new three-story commercial
office building is on a 2.5-acre site, located within Horseman’s Park on
the northeast corner of the Loop 101 freeway and south of Bell Road on
Bahia Drive. Currently, it’s the only Class-A office scheduled for
construction in Scottsdale Airpark for 3Q and 4Q 2015. Expected building
completion date is March 2016.

“We’re excited to start this new office project and again pioneer the
commercial market as no new inventory has been released in this area for
years,” said Jim Riggs, President of SAXA. “Scottsdale’s office market
has seen renewed demand as vacancy has dropped to 11%.” He added, “This
48′ high building offers tenants the ability to market their brand to
over 200,000 cars per day with huge freeway signage providing one of the
last Corporate 101 Freeway frontage sites.”

The Bahia 101 three-story, contemporary office building is conducive to
single or multi-tenant occupancy including technology, medical,
corporate headquarters and start-ups. Several purchase and lease options
for the building are available: entire building purchase, three floors
of office condos for sale, and multi-tenant suite leasing.

The Bahia 101 development project is the newest investment property to
be included in Caliber’s private equity fund, the Caliber
Distressed Real Estate Income Fund
(CDIF). Caliber assists clients
in maximizing their growth potential and income through diverse,
asset-based investment strategies. CDIF acquires and improves commercial
real estate properties, builds community betterment, creates new jobs
and widens property ownership opportunities for investors.

Tempe-based LGE (David Sellers) is the general contractor. Construction
financing is sourced by Scottsdale Private Lending. Project
co-developers are SAXA and Caliber Companies. PHArchitecture (Patrick
Hayes) is the lead architect. All purchase and lease inquiries should be
directed to Jim Keeley, Colliers International at 480-655-3300 or jim.keeley@colliers.com.

About SAXA

Scottsdale, Ariz.-based SAXA, formerly known as Shea Commercial, is a
leading developer of mixed-use projects in the Southwest. With
approximately 3 million square feet of office condos developed in nine
states, the company has earned 11 NAIOP (National Association of
Industrial and Office Properties) awards including three-time Phoenix
Office Developer of the Year, and is the industry pioneer in the office
condo market. SAXA is also a real estate services company specializing
in equity investment, acquisitions and consulting.

About Caliber Companies

Founded in 2009, Caliber has evolved into a diversified real estate
investment company that handles all aspects of real estate offerings.
Recently named to the 2014
Inc. 500
list as one of the nation’s fastest growing private
companies, Caliber assists clients in growing their portfolios with
assets including Private Notes, Single Family Residential Properties,
Apartment Communities, Office Buildings, Hotels, Real Estate
Development, Real Estate Private Equity Funds, Construction and
Brokerage Management. To minimize risk and maximize returns, Caliber
handles each aspect of the investment cycle in-house, including
acquisition, remodel, management, and resale. For more information,
please visit http://www.CaliberCo.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150723006444/en/

SOURCE: Caliber Companies

RS Marketing Assoc for Caliber Companies
Ruth Seigel,
602-320-4182
rsmarketingandpr@gmail.com

Copyright Business Wire 2015

Article source: http://www.marketwatch.com/story/first-new-scottsdale-airpark-class-a-office-building-to-be-built-in-over-five-years-saxa-and-caliber-companies-break-ground-on-bahia-101-2015-07-23