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PHOENIX (April 27, 2000) - Phoenix-based Pivotal Group recently announced that it has sold an 80-acre parcel of its Fortune Center property for $6.6 million to Spectrum Astro, Inc., a diversified, full-service aerospace corporation based in Gilbert, Ariz. Spectrum Astro will develop the property as its new corporate headquarters and high-tech satellite manufacturing facility. The purchase price includes an assumption of improvement district needs.
Located at the southwest corner of Elliot and McQueen in Gilbert, the industrially zoned parcel represents more than half of the 150-acre Fortune Center site, a property acquired by Pivotal Group in late 1996 as part of its Talley real estate portfolio purchase.
Spectrum Astro, which employs approximately 300 workers, currently operates from a 110,000-square-foot facility at 1440 North Fiesta Boulevard locate a mile south of the Fortune Center site.
"Fortune Center and our other Talley portfolio properties have allowed Pivotal to provide some outstanding development opportunities for more than four years," said Francis Najafi, CEO of Pivotal Group. "We are very pleased with the performance of this portfolio and that a dynamic, high-tech company like Spectrum Astro has selected this parcel to develop its new headquarters and aerospace operations."
Designed to accommodate continuous expansion, phase one of the new Spectrum Astro facility will include three separate buildings that will offer 274,000 square feet of engineering, manufacturing, test, support and office space to accommodate 600 engineers and high-tech workers.
The company, which plans to triple its operations in the Valley, will undertake subsequent expansions during the next 20 years that will, at build-out, total 750,000 square feet and accommodate approximately 3,000 employees.
Groundbreaking on the project is slated for August, with employee move-in scheduled for late 2001.
Totaling more than 3,000 acres, the Talley real estate portfolio features improved and unimproved real estate located in Arizona, California and Texas. Other Pivotal Group transactions of Talley portfolio properties in Arizona include:
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A 15-acre site east of the northeast corner of McQueen and Guadalupe to Simula, Inc., a Phoenix-based manufacturer of airline seating and automobile safety devices, for the company's new corporate office, assembly and light manufacturing buildings. |
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A 51-acre site on the northeast corner of McQueen and Guadalupe for a new industrial park. |
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Individual industrial lot sales at the northeast corner of Arizona Avenue and Elliot for Arizona Corporate Park. |
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A 14-acre parcel on the northwest corner of 19th Avenue & Beardsley |
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Industrial lot sales for the East Valley Commerce Center |
Other business and corporate relocations to Pivotal's Talley portfolio sites in Chandler and Gilbert include Red Rock Stamping, Hexcel, GBS Linens, Magnum Medical, Mufflers Dealer's Warehouse, Arizona Floral Exchange, Riccobano's Italian Bakery, Arizona Nutritional Supplements, Savage Universal and Discount Tire.
Founded as a research and development company in 1988, Spectrum Astro is a privately held high technology company specializing in the design, development, integration, and test of high performance satellites and related subsystems for sophisticated defense, science, and commercial opportunities. The company also maintains offices in the Los Angeles, Washington D.C. and Colorado Springs areas. Last year, the company was awarded a $275 million U.S. Air Force contract to develop Space-Based Infrared Low, a space-based system that tracks enemy missiles in flight. The company will develop the project through an alliance with Northrop Grumman.
Based in Phoenix, Pivotal Group is a diversified investment company dedicated to the quality development of resort, residential and commercial properties in Arizona and the Southwest. Widely recognized for its ability to create high-quality communities and business environments, the firm has worked closely with some of the nation's premier real estate companies, including Los Angeles-based William E. Simon & Sons Realty, Boston-based AEW Capital Management and Phoenix-based DMB Associates.
Recent activities of Pivotal Group include the sale of its Pointe Office portfolio in north Phoenix; the development of Promontory, a $500 million, 6,500-acre resort-style planned community in Summit County, Utah; acquisition and renovation of The Century Plaza Hotel and Tower in Los Angeles; acquisition and repositioning of Red Mountain Spa near St. George, Utah; the Ritz-Carlton Phoenix; and the Camelback Esplanade in Phoenix.
For more information about Pivotal Private Equity, visit www.pivotalgroup.com |
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