$2.6 Billion Solar Power Initiative Would Provide Energy to 28 States

By Alex Girda, Associate Editor According to the Phoenix Business Journal, 547,000 square feet of office space was returned to the original developer after Mainspring Capital Group acquired eight buildings at the Pima Center in Scottsdale. The company built the 209-acre [...]

According to the Phoenix Business Journal, 547,000 square feet of office space was returned to the original developer after Mainspring Capital Group acquired eight buildings at the Pima Center in Scottsdale. The company built the 209-acre business park located on a lot owned by the Salt River Pima-Maricopa Indian Community, the Phoenix Business Journal reports. The eight buildings were designed by Opus West, a very active real estate firm that was eventually dissolved due to the difficult financial climate. Upon completion the properties joined Bank of America’s portfolio. They were then sold back to Mainspring. The value of the transaction is $60 million. Mainspring currently manages approximately 900,000 square feet of flex and office space.

Another substantial office deal in the Phoenix area was the sale of a series of buildings and property to Wentworth Property Co. by Freescale Semiconductor Inc. The $53.7 million move will provide the new owner 876,000 square feet of office and industrial development. The company will lease back most of the property which, in addition to space currently occupied by Freescale, includes a 166,000 square-foot building, 50 acres of vacant land as well as a 66,000 industrial building. Jim Wentworth Jr., a partner in the firm that owns the property, was quoted by PBJ as saying that the company intends to rethink the site as a business park to be named Discovery Business Campus.

Also making headlines is the Bank of America announcement regarding its massive $1.4 billion financing deal for a $2.6 billion solar power initiative project that plans to provide 28 states with solar panels for the roofs of industrial buildings. This means a consistent amount of cash could flow into the state of Arizona, one of the solar power movement darlings of late. Energy generated by solar panels is expected to produce enough electricity for 100,000 homes at the end of the project.