Investor in Phoenix Looking to Construct Office in The Grove

Investors are still finding deals in the office sector, despite high rates and low occupancy. According to the Phoenix Business Journal, WhiteHaven Capital is raising money to construct a two-floor office building on The Grove’s campus. This $300 million mixed-use project is located at 44th and Camelback.
WhiteHaven and Hibernia Capital Advisors have raised $13.8 million for this endeavor; so far they have collected approximately $7 million since their investment round opened earlier this month. If all goes according to plan, permits should be obtained by November 2020 which would allow them to break ground on the building with tenants taking occupancy by late 2024.
Features of this 45,000 square foot facility include a rooftop deck, hangout room as well as gym with lockers and showers plus surface parking lot – LGE Design Build will handle design/build out duties for these amenities .