ALMA 202

ALMA 202 is a 15-acre mixed-use development at the NEC of Loop 202 and Alma School Road in Chandler, Arizona. Construction is underway on a 66,000 SF medical office build-to-suit for Banner Health and 38,000 SF build-to-suit for EOS Fitness, both on long-term leases. ALMA 202 has 7.5 remaining acres to be developed.

Size104,000 SFLocationChandler, ArizonaTypeBuild-to-Suit

Exxon Mobil Corporation acquired approximately 14 net acres at the SEC of Alma School & Pecos Road for $3,224,000.

Exxon Mobil Corporation sold 11 of the 14 acres to AVG Partners in Beverly Hills, California for $2,585,000 and retained the 3 acre hard SEC of Alma School & Pecos Road with the intent of developing a gas station, car wash, and convenience store. At the time of the sale, Exxon recorded certain deed restrictions for the property.

Property Reserve Arizona sold over 1 acre immediately south of the 11 acres fronting on Santan Loop 202 to AVG Partners for $860,000.

AVG Partners sold approximately 12 acres to an entity controlled by a developer by the name of Judson Ball for $7,475,776 who planned and entitled a speculative mixed-use project called Advantage Business Park, which ultimately was not developed.

Exxon Mobil Corporation sold the 3-acre hard corner to Pacific Oil Partners for $650,000. Pacific Oil Partners quickly thereafter extended the PAD zoning and received the approval of their PDP for a gas station, car wash, and convenience store. At the time of the sale, Exxon recorded certain deed restrictions for the property.

Judson Ball sold the 12 acres to Ogan, despite the property receiving a notice of trustee sale in the middle of the due diligence period, for $2,386,255 and on the same day sold the site to Webb Management from Newport Beach for $3,000,000 in a double escrow transaction.

Webb Management and Ogan went on to form a partnership to market the property specifically to build-to-suit users.

Ogan reverted the zoning of the property, rezoned a portion of the property, and re-established the preliminary development plan (PDP) for Advantage Business Park.

In May, Ogan & Webb commenced build-to-suit discussions with Banner Health, who announced plans to construct a new hospital on their 18-acre campus at the SEC of Alma School Road and Loop 202.

In June, Ogan and Webb signed a long-term lease with EOS Fitness for a 38,000 SF build-to-suit.

In May, the property received Chandler’s administrative approval under the Advantage Business Park PDP for an updated site plan and building elevations for Banner Health and EOS Fitness, saving months of time.

In December, Pacific Oil Partners sold the 3-acre hard corner to Ogan & Webb for $3,500,000 with a deed restriction against any use of car wash and gas station. With this acquisition, ALMA 202 is now 15 acres total.

In March, Exxon Mobil and Banner Health executed a Limited Waiver Uses consent agreement clarifying the existing deed restrictions in order for Banner Health to comfortably operate at the property.

Ogan & Webb executed a long-term lease with Banner Health for a 66,000 SF medical office build-to-suit.

In July, construction began on the Banner Health & EOS Fitness build-to-suit projects.

Exxon Mobil Corporation and Ogan and Webb finalized a Deed Modification Agreement that cleans up the 2004 and 2012 deed restrictions placed on the properties by Exxon.

Currently, 7.5-acres remain at ALMA 202 where Unbound Development is the exclusive developer for the site’s remaining acreage.

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