Carlson Real Estate Company to Construct West 101 Business Center

August 1, 2005 (Phoenix, AZ):  Carlson Real Estate Company is pleased to announce the beginning of construction for West 101 Business Center. The project is located at the northeast corner of Loop 101 and I-10 in Phoenix’s west valley. Carlson Real Estate will construct three flex office industrial buildings totaling 119,000 square feet on the 9.92 acre site. Construction commenced in July and is expected to be complete in early 2006.

The design for West 101 Business Center is by DFD Conroyer Hedrick, DEI Professional Services is the civil engineer, and DL Withers has been selected as the general contractor.

“We believe that this project is well positioned to meet the growth occurring in the west valley,” said Chris Kirby, Senior Director of Carlson Real Estate Company, “It will appeal to a wide variety of users including service providers, office and retail users.”

Bill Bayless, Jim Bayless and Ashley Brooks of CB Richard Ellis will represent Carlson Real Estate Company on the leasing of the buildings. Rental rates are currently being quoted at $1.05 per square foot.

The land for West 101 Business Center, purchased in October of 2004, is located within West 101 Commerce Center, a planned mixed-use business park owned in partnership between Carlson Real Estate Company and Elmalon Partners. This 37 acre parcel has flexible zoning, with the ability to accommodate retail, hotel, office and industrial uses.

“We are very excited to bring our next project to market,” stated Joe Ihrke, Vice President of Carlson Real Estate Company, “The timing correlates well with the growth that is occurring in the west valley and the strategic location at the intersection of two freeways will make this development a very desirable location.”

Carlson Real Estate Company fulfills business space needs by providing high quality properties, exceptional service and creative solutions. Carlson Real Estate Company's portfolio exceeds 5 million square feet of office and industrial real estate and is concentrated in Minnesota and Arizona.