Arizona

Scottsdale-Design-District-Scottsdale-AZ

Cushman & Wakefield Negotiates Sale of 109,652 SF Boutique Showroom in Scottsdale, Arizona

by Amy Works November 27, 2018

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Scottsdale Design District, a boutique showroom located on the corner of East Thomas Road and North 66th Street in Scottsdale. Chris Toci, Chad Littell and Brent Mallonee of Cushman & Wakefield represented the seller. The buyers were introduced to the asset by Brandon Holdings, the sponsor, and IX Advisors LLC, a real estate advisory based in Seattle. Local and nationally recognized interior designers, art dealers and retailers occupy the 109,652-square-foot property. Tenants include John Brooks, Pindler & Pindler, Century, Tower and Kravet.

November 27, 2018

Arizona Development Multifamily Seniors Housing Western

Starwood, Ryan Cos., Cadence Start Construction of 198,000 SF Seniors Housing Community in Arizona

by Amy Works November 16, 2018

SCOTTSDALE, ARIZ. — Ryan Cos., Cadence Living and a controlled affiliate of private investor Starwood Capital Group have started construction of Acoya Scottsdale at Troon, an independent living and assisted living community in the Troon neighborhood of Scottsdale. The 198,000-square-foot community will sit on six acres and feature 135 units. Construction is slated for completion in mid-2020, with a leasing office opening before mid-year of 2019. Ryan A+E Inc. designed the community’s exterior to complement the Santa Fe architecture of the surrounding area, which consists of private country clubs and high-end resorts. Thoma-Holec Design will create the interiors.

November 16, 2018

Acquisitions Arizona Office Western

Bow River Capital Partners Buys 20-Story Office Tower in Phoenix for $14.6M

by Amy Works November 16, 2018

PHOENIX — Denver-based Bow River Capital Partners has purchased Grand Central Tower, an office building located at 3550 N. Central Ave. in Phoenix. Solana Beach, Calif.-based Fenway Capital Advisors sold the property for $14.6 million. Built in 1958 and situated in Phoenix’s Central Corridor, the 20-story building features 284,709 square feet of office space, as well as a 4.4-acre surface parking lot that could be redeveloped with multifamily residential space. At the time of sale, the multi-tenant property was 34 percent occupied. Steve Lindley, Eric Wichterman, Bob Buckley, Tracy Cartledge and Mike Coover of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

November 16, 2018

Acquisitions Arizona Multifamily Western

IPA Arranges $55.5M Sale of 442-Unit Multifamily Property in Tempe, Arizona

by Amy Works November 15, 2018

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Davenport, a multifamily asset situated on 20.5 acres along Mill Avenue in Tempe. Tides Equities acquired the property from an affiliate of Abacus Capital Group for $55.5 million, or $125,566 per unit. Developed in 1973 and 1979, The Davenport features 442 units in a mix of studio, one- and two-bedroom layouts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

November 15, 2018

Arizona Development Healthcare Office Western

MedProperties Breaks Ground on 56,000 SF Medical Office Building in Gilbert, Arizona

by Amy Works November 9, 2018

GILBERT, ARIZ. — Chicago-based MedProperties Group has broken ground on Mercy Medical Commons II, a medical office building located on Mercy Road adjacent to the main entrance of Dignity Mercy Gilbert Medical Center in Gilbert. Designed by Ware Malcomb, the three-story, 56,000-square-foot building will feature a 55-foot high-curved fin wall with integrated steel shade canopies, while the western curved façade will open to parking and a porte-cochere arrival area. The CORE Institute will occupy 20,000 square feet of the property, which is slated for completion in third-quarter 2019. Balfour Beatty US is serving as general contractor for the property. Philip Wurth of Colliers International in Greater Phoenix is serving as the leasing agent for the development, which is MedProperties’ first ground-up development in the East Valley area.

November 9, 2018

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

Hines to Build 379-Unit Multifamily Complex in Downtown Phoenix

by Amy Works November 2, 2018

PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …

November 2, 2018

Acquisitions Arizona Office Western

G2 Capital Buys Two-Building Office Asset in Phoenix for $10.9M

by Amy Works November 2, 2018

PHOENIX — G2 Capital has acquired an office property, located at 3925-3945 E. Broadway Road in Phoenix, for $10.9 million. The seller was Glasir Capital Partners, which purchased the property 30 days prior from RBR Capital. Totaling 136,000 square feet, the asset is a pair of two-story office buildings at the intersection of 40th Street and Broadway Road. The property at 3945 E. Broadway Road is fully occupied by a long-term credit tenant, which has been in place since 2001. The other building is 50 percent leased to the State of Arizona, which has been a tenant since 2016. G2 Capital plans to renovate a 37,000-square-foot speculative suite to be move-in ready by January at the property. Brian Ackerman of JLL represented the buyer in the deal. G2 Capital has retained Karsten Peterson, Dave Seegar and Mark Gustin of JLL to handle leasing for the property.

November 2, 2018

Arizona Development Mixed-Use Top Stories Western

Nationwide Realty Investors Unveils Plans for 1.8 MSF Mixed-Use Development in Scottsdale, Arizona

by Kristin Harlow November 2, 2018

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has unveiled plans for Cavasson, a 1.8 million-square-foot mixed-use development in Scottsdale, just east of Phoenix. The initial phase of the project will include a 460,000-square-foot regional headquarters for Nationwide Insurance as well as 1,600 apartment units, retail and restaurants, two hotel sites and a six-story parking structure. Groundbreaking for Phase I is slated for next year. The walkable development will include sidewalks, bike paths, green spaces and community gathering places. The project will feature an infrastructure investment of approximately $30 million for new roads, sidewalks and flood mitigation improvements. Cavasson will be located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard. “This is the best undeveloped site in the region,” says Brian Ellis, president and COO of Nationwide Realty Investors. “It has tremendous visibility, great connectivity to amenities and services, and outstanding access.” The regional headquarters building for Nationwide Insurance will house approximately 2,200 employees. Nationwide plans to move its team into the new building in late 2020. In September, Nationwide Realty Investors purchased the 134-acre site for the project at a state auction. Proceeds from the purchase went to the Permanent Land Endowment Trust Fund, which is …

November 2, 2018

Arizona Development Multifamily Seniors Housing Western

Koelsch Communities Building $40M Independent Living Community in Chandler, Arizona

by Amy Works October 31, 2018

CHANDLER, ARIZ. — Koelsch Communities is in the midst of construction for Park at Copper Creek, a luxury independent living community in the Phoenix suburb of Chandler. The three-story, 166,000-square-foot property will offer 135 apartments. Development costs were estimated at $40 million. RJ Development, which is partnering with Koelsch on the project, purchased the six-acre development site in 2017 for $3.2 million. PNC Bank provided $30.5 million in construction financing, while private investors funded the remainder of the costs. Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior designs, and Koelsch Communities will operate the property. Construction is scheduled for completion in spring 2019.

October 31, 2018

Acquisitions Arizona Retail Western

DRA Advisors, Pine Tree Acquire 232,577 SF Shopping Center Near Phoenix for $44.7M

by Amy Works October 29, 2018

GOODYEAR, ARIZ. — A joint venture between DRA Advisors and Pine Tree has purchased Palm Valley Pavilions West, a shopping center located at 1478 N. Litchfield Road in Goodyear, a suburb 20 miles west of Phoenix. Retail Value Inc. sold the property for $44.7 million. Built in 1994 and situated on 28 acres, the 232,577-square-foot property was 98.5 percent leased at the time of sale. Tenants include Ross Dress for Less, Best Buy, Total Wine & More and ULTA Beauty. Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.

October 29, 2018

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