PHOENIX — A seven-building office park off Interstate 17 and Peoria Avenue is one of several slated for an office conversion project as part of an ongoing real estate trend in the Valley and across the country.
Dallas-based developer Formation Interests bought the business park for $28 million on June 2, according to documents filed with Maricopa County.
The company plans to turn it into a four-building, 425,000 square-foot industrial park called Formation Park 17. The demolition process will start this week, according to Mike Gilbert, director of the southwest region for Formation.
The buildings at the existing business park, called Phoenix Corporate Center, amount to 338,000 square feet, and sit on 22.8 acres.
