MESA, Ariz. – H.G. Fenton Investment Company (FICO has entered into an equity joint venture with McMahon Development Group for the acquisition and development of a 7.1-acre site in Mesa, Ariz.
FICO has invested $3.6 million of equity in the site, which will be developed into a office condominium project. The development area is located at South Country Club Drive and Juanita Road.
Preliminary plans for the project include 78,000 square feet of for sale or lease general/medical office space. Construction is expected to begin in September 2007, with completion expected in June 2008. Project costs are estimated at $17.8 million
According to FICO Director Marc Iacono, “We are very excited to be a part of the Arizona market and to be working with such a respected real estate partner as McMahon Development,” he said. “FICO is strategically seeking investment opportunities in growth oriented markets in the Southwestern United States. Through joint venture and debt investment, our goal is to facilitate the development of quality residential and commercial projects that add value to the communities in which they are located.”
Today, FICO manages investments in various residential and commercial developments in Southern California and the Southwestern United States.
FICO, one of the H.G. Fenton Companies, is headquartered in San Diego at 7577 Mission Valley Road, San Diego, Calif., 92108. The company website is www.hgfenton.com.
For investment opportunities please contact Marc Iacono at (619) 400-0173.