MESA, ARIZ. — Lincoln Property Co. (LPC) and Harvard Investments has broken ground for the first office building at Union, a four-building, 1.3 million-square-foot office project at the junction of Mesa, Tempe and Scottsdale. Union’s first building will total 238,348 square feet spread across four stories, as well as an adjacent four-level parking garage. All the buildings planned at Union will feature a modern glass exterior, an active first floor, large office floorplates with high ceilings, outdoor balconies and 10-foot vision glass offering views of the surrounding city and mountains. Building One will connect to the larger Union master plans via a main pedestrian plaza and indoor-outdoor features such as shaded gathering areas and outdoor linked by the Rio Salado Pathway. Situated on 28.2 acres, the buildings will range from four to eight stories and from 232,000 square feet to 450,000 square feet. Completion of the first building is slated for October 2020. DAVIS is serving as project architect and Wespac is serving as general contractor. LPC will serve as the project’s leasing agent and property manager.
Arizona
PHOENIX — Astoria Healthcare Properties has started construction of its first seniors housing community, The Retreat of Alameda in Phoenix. The Kansas-based developer specializes in ambulatory surgery centers, surgical specialty hospitals and medical office buildings. “Adding senior living as a product type is a natural extension for us,” says John Foudray, the company’s CEO. “Our expertise is developing healthcare facilities with the goal of providing higher quality care at a lower cost. Not only is the demand for senior living increasing, but the ability to provide a product that provides quality care at an affordable price is in greater demand.” The new development will offer 72 assisted living units and 38 memory care units in a 93,000-square-foot building. triARC Design provided design work on the project. Paradigm Senior Living will operate the community upon completion, which is planned for March 2021.
MESA, ARIZ. — CBRE has brokered the sale of Avia 266, a multifamily property located at 2354 W. University Drive in Mesa. Seattle-based Thayer Manca Residential sold the property to Beverly Hills, Calif.-based Geringer Capital for $45.2 million. Avia 266 features two swimming pools, a 24-hour fitness facility, resident clubhouse, an outdoor gaming space with a bocce ball court, parcel pending locker for resident packages and a dog park. The property features 266 one- and two-bedroom units with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.
LivGenerations, Ryan Cos. Start Construction of 181-Unit Seniors Housing Community in Arizona
by Amy Works
SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.
George Oliver Acquires Office Asset in Metro Phoenix for $38.8M, Plans $14M Redevelopment
by Amy Works
CHANDLER, ARIZ. — Phoenix-based developer George Oliver has purchased a two-building office asset in downtown Chandler for $38.8 million. The buyer plans to invest nearly $14 million of additional capital to redevelop the property into a creative office portfolio. George Oliver purchased the 1987-built Plaza 25 from long-time owner and tenant First Credit Union for $16.3 million. First Credit Union signed a sale-leaseback agreement to continue to occupy the property for a 10-year lease. Including First Credit Union, the building is 79 percent occupied. The new owner will rebrand the property as The Alexander. Additionally, George Oliver acquired the adjacent, 107,510-square-foot Chandler City Center from Tryperion Partners and Griffin Partners for $22.5 million. Located at 55 N. Arizona Place, the property will be rebranded as The Johnathan after undergoing an almost $3 million initial capital investment plan. The rebranding are named for the city’s namesake, Alexander Johnathan (A.J.) Chandler. The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five-story, modernized office building at 25. S. Arizona Place. The renovations will improve the building from Class B to a Class A office space, enclosing a current ground-floor plaza and adding shared …
SCOTTSDALE, ARIZ. — Phoenix-based RP 115 LLC, an entity formed by Rincon Partners, has completed the sale of Centerra Apartments, a multifamily property located at 111000 N. 115th St. in Scottsdale. Phoenix-based Tanbic Edgehill Centerra Apartments acquired the asset for $36.2 million, or $179,455 per unit. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom layouts, averaging 746 square feet. The newly renovated units feature stainless steel appliances, granite countertops, new cabinetry in the kitchens and baths, walk-in closets, wood-style flooring, washesr/dryers and private patios/balconies. Community amenities include two resort-style swimming pools and spas, a fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
CA Residential, Diamond Realty Investments Open 30-Story Mixed-Use Property in Downtown Phoenix
by Amy Works
PHOENIX — CA Residential and Diamond Realty Investments have opened the first phase of The LINK PHX, a 30-story mixed-use development located in downtown Phoenix. Shepley Bulfinch served as architect, and Katerra served as general contractor for the project. Located at 330 E. Pierce St., the first phase of The LINK PHX features 257 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 450 square feet to 1,450 square feet, as well as 7,000 square feet of retail space. Each apartment features nine-foot ceilings; kitchen with European-style, soft-close cabinetry; quartz countertops; stainless steel appliances and designer fixtures; and full-size washers and dryers. At complete build-out, the three-phase development will bring more than 600 rental residences and 21,000 square feet of retail space to the Roosevelt Row Arts District over the next decade.
Westmount Realty Capital Enters Arizona Market with Purchase of Multifamily Complex in Mesa
by Amy Works
MESA, ARIZ. — Westmount Realty Capital has entered the Arizona with the acquisition of 949 at the District, an apartment community located at 949 S. Longmore St. in Mesa. The buyer plans to rebrand the property as Westmount at the District. This deal marks the real estate investment company’s first acquisition in Arizona and first multifamily purchase outside of Texas. Built in 1979, the property features 154 units in a mix of one- and two-bedroom layouts that average 825 square feet. Westmount plans to renovate the property with in-unit upgrades including resurfaced counters, stainless steel appliances, refaced cabinets, faux-wood flooring, upgraded lighting and new hardware. Additionally, the renovations will include offering smart home technology, including smart thermostat, smart lock and USB outlets. Community amenities include two swimming pools, an attached clubhouse and leasing office, fitness center, outdoor grilling stations, an on-site dog park, restricted entry and covered parking. Westmount also plans to install a package locker system. Shelton Residential will manage the property.
PHOENIX — Griffin Opportunities has completed the sale of Desert Gateway, a two-building industrial project in Phoenix. Greenwood & McKenzie Real Estate Investments purchased the asset for an undisclosed price. The 172,803-square-foot property is located at 909 W. Pinnacle Peak Road and 1000 W. Vista Bonita Drive. Will Strong of Cushman Wakefield’s Capital Markets, along with Chris Rogers and Trevor McKendry of Daum Commercial Real Estate Services, handled the transaction.
PHOENIX — Bridge Investment Group’s subsidiary Bridge Office Fund Manager has purchased Phoenix Gateway Center, a Class A office campus located on North 44th Street in Phoenix. The 439,584-square-foot asset consists of two four-story buildings (One Gateway and Two Gateway) and one 11-story building (Three Gateway). Originally built between 1984 and 1988, the office complex recently underwent more than $4.7 million in renovations and capital improvements. Bridge plans to invest approximately $2.7 million in further enhancements at Phoenix Gateway Center, including upgrades to lobbies, elevator cabs, outdoor space, common areas on the individual floors, the fitness center and the conference room. Renovations are slated to begin immediately, with the first phase scheduled for delivery in second-quarter 2020. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle the leasing of the property. Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work at Phoenix Gateway.