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TDI Starts 332-Unit Luxury M-F Project at One Scottsdale

20 Jan 2014, 5:19 pm

By Amalia Otet, Associate Editor

Irving, Texas–based TDI Real Estate Holdings L.L.C. has broken ground on Jefferson on Legacy, a 322-unit luxury apartment community. The project is part of One Scottsdale, a 115-acre mixed-use development in North Scottsdale.

Jefferson on Legacy is the second phase of a planned 750-unit residential development and is scheduled for completion in 2015.

“Jefferson on Legacy will be the premier luxury multi-family project in north Scottsdale to meet a growing demand for upscale housing in this submarket, which is a major employment center for the region,” said TDI executive vice president & investment partner Gus Villalba.

The multi-family community will offer 150 one bedroom/one bath apartments, 151 two bedroom/two bath apartments and 21 three bedroom/three bath apartment homes. Amenities include a controlled access gate, free Wi-Fi in all common areas, as well as a 10,400-square-foot clubhouse that features a lounge, media room, gourmet kitchen and fitness center.

Jones Lang LaSalle Inc. arranged a construction loan from Fifth Third Bank and equity financing from an institutional equity provider.

TDI currently has 2,608 units under construction in Texas, New York and Arizona and provides asset management for more than 5,294 units nationwide. The company plans to develop another 1,200 units over the next 12 months.

A joint venture of DMB Associates Inc. and Macerich, One Scottsdale could eventually comprise 1.8 million square feet of office and retail space, 1,100 upscale residential units and a 400-key boutique hotel at Scottsdale Road and the Loop 101 Freeway, according to the development’s website. Henkel AG’s North American headquarters anchors the office component.

One Scottsdale Rendering via DMB Inc.



P. B. Bell Closes on Sites of Luxury M-F Projects in Phoenix, Scottsdale

24 Dec 2013, 4:42 pm

By Amalia Otet, Associate Editor

P. B. Bell Cos. has closed on the site of a planned 244-unit luxury multi-family community about five miles from downtown Phoenix, the Scottsdale-based company said Dec. 19. Located at the intersection of 16th Street and Highland, the project is scheduled to open during the second quarter of 2015.

Dubbed Scape Modern Living, the complex will offer one- and two-bedroom units in three- and four-story building configurations. Units will feature nine-foot ceilings, complete appliance packages, granite countertops, balconies and walk-in closets. Common amenities include gated access, underground parking, attached garages, a heated pool and spa, residents’ lounge and exercise facility, theater room, fireplace and flat-screen TV. The community will be situated near Camelback Corridor and the Biltmore area.

P.B. Bell also said that it has closed on a 4.5-acre site in Scottsdale where it plans to build Cascàd, a 187-unit high-end apartment community. Located at Scottsdale Road and Mayo Boulevard, the project will feature a pool with spa, exercise facility and residents’ lounge, among other amenities. Cascàd is part of a planned mixed-use project that may also include retail, hospitality and office components.

The Greater Phoenix multi-family market has shown strong growth lately, with vacancy rates dropping and rents growing for the fourth consecutive year. According to Marcus & Millichap Real Estate Investment Services Inc., average monthly rents will end the year at $775, a 2.9 percent increase compared with 2012. Last year average rents increased 2 percent.

Nearly 2,900 new units have come on the market during the past 12 months, more than 1,900 of them during the second and third quarters. Some 7,600 units are under construction.

The largest of those projects are the Liv Ahwatukee in South Phoenix and Liv Northgate in Gilbert, high-end projects being developed by Grand Haven, Mich.-based Investment Property Associates. Scheduled for completion this coming spring, each community will comprise 402 units.

Photo credits: Rendering of Liv Northgate luxury apartments via official website



Whitestone REIT Buys N. Scottsdale Community Center for $37M

14 Dec 2013, 12:59 am

By Amalia Otet, Associate Editor

In a $37.4 million off-market deal, Whitestone REIT has acquired Market Street at DC Ranch, a 241,280-square-foot mixed-use neighborhood center in North Scottsdale, from DMB. The purchase price equates to $156 per square foot.

The property was 80 percent occupied at the time of closing and includes an adjacent land parcel that permits the addition of 35,000 square feet of leasable space.

Developed in phases between 1999 and 2003, Market Street primarily serves DC Ranch, one of Scottsdale’s signature master planned communities. It is located on the southeast corner of Thompson Peak Parkway and Pima Road and features a ‘main street’ theme incorporating 15 architecturally distinctive buildings that include 86,991 square feet of office space and 154,289 square feet of retail.

“While Market Street was not on the market for sale, we began discussing a possible purchase directly with DMB in early summer,” said Whitestone Chairman & CEO James Mastandrea in a statement.

The community center is anchored by a Safeway grocery store and showcases a diverse tenant base including Wells Fargo Bank, Fleming’s Steak House, Grimaldi’s Pizza, MidFirst Bank, McCormick & Co., and Edward Jones.

Market Street is Whitestone’s 21st acquisition in the Phoenix metropolitan area, and expands its local footprint to over 1.8 million square feet. Since its equity raise in October, the Houston based-REIT has invested $60.7 million in three properties, including Fountain Hills ($20.5 million), Corporate Park Woodland II ($2.8 million) and Market Street ($37.4 million).

Meanwhile, 7200 West Buckeye Road Industrial Investors L.L.C. purchased 7200 West Buckeye Road, a 400,000-square-foot industrial property in Southwest Phoenix for $26.3 million. Jones Lang LaSalle Inc. Managing Directors Mark Detmer and Bo Mills represented both the buyer and the seller.

Located on Buckeye Road within minutes of Interstate 10, the property is 100 percent leased through 2017 to Home Depot U.S.A. Inc. The building was built in 2009 and features amenities such as 32-foot clear heights, cross-dock loading, concrete truck courts and trailer storage.

Photo credit: Whitestone REIT via Business Wire



Liberty Property Trust Breaks Ground on 1 MSF Tempe Business Park

9 Dec 2013, 5:25 pm

By Amalia Otet, Associate Editor

Liberty Property Trust has broken ground on the first building at Liberty Center at Rio Salado, a 1 million-square-foot business park in Tempe and the REIT’s largest project to date in Arizona.

Scheduled for completion in mid-2014, the speculative two-story project at 1850 W. Rio Salado Parkway will feature 155,000 square feet of Class A office space. Additionally, the building is designed to achieve LEED Silver certification. Site preparation is currently under way for a sister building nearby.

In all, the first phase will include six office buildings and one industrial buildings, Liberty said in a statement. For the second phase, which will be located across the street, Liberty is eyeing plans for a hotel, retail space and additional office buildings.

“Our strategy is to create work environments that can make a difference in the quality of people’s lives,” said William Hankowsky, CEO of the Malvern, Pa.-based REIT, in a statement. “We believe that Liberty Center at Rio Salado—with its sustainable buildings and commitment to amenities such as an outdoor amphitheater and Wi-Fi—will provide a terrific location for creativity, productivity and innovation.”

At full build-out, the Liberty Center development will comprise as many as 11 buildings. It will also offer convenient access to Sky Harbor International Airport and to major Phoenix-area freeways. All buildings in the park will be designed to LEED standards and will emphasize energy efficiency and green practices.

As previously reported by Commercial Property Executive, Tempe tapped Liberty in 2012 as master developer of the 100-acre site at the northwest corner of Priest Road and Rio Salado Parkway.

Rendering of Liberty Center at Rio Salado via website



Freeport-McMoRan Center Receives TOBY Award; MIG Picks Up Class A Office Building

30 Nov 2013, 12:08 am

By Amalia Otet, Associate Editor

Freeport-McMoRan Center, a 26-story mixed-use building in downtown Phoenix managed by Transwestern, has received The Outstanding Building of the Year (TOBY) Award for 2013 from the Building Owners and Managers Association International’s Greater Phoenix chapter. The award recognizes Transwestern’s property management and operations skills in the corporate facility category.

The TOBY awards honor outstanding commercial office projects and recognize excellence in building management. During the competition, the building goes through a series of assessment procedures that evaluate everything from community involvement and site management to environmental and “green” policies and procedures, tenant relations programs, amenities package, building standards, energy management, accessibility and overall service.

Owned by National Electrical Benefit Fund, the three-year-old property serves as the corporate headquarters of Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper mining company. It is also home to The Westin Phoenix Downtown hotel and Province restaurant. In 2010, the building was named one of the best tall buildings in the Americas by the Council on Tall Buildings and Urban Habitat.

In office investment news, Newport Beach, Calif.-based MIG Real Estate has acquired Arcadia Gateway Center, an 89,835-square-foot, Class A office building in Phoenix, for an undisclosed price.

Located at 4222 East Thomas Road, the four-story property offers a variety of suite sizes with views of Camelback Mountain and the Phoenix Mountain Preserve. Additionally, the property features a three-story, detached parking structure. It was 93 percent leased at the time of the sale.

“Arcadia Gateway Center is one of the higher quality office properties along the 44th Street Corridor,” said Greg Merage, CEO of MIG Real Estate, in a statement. “We plan to continue investing in Phoenix, as it is in the early stages of recovery and is expected to outperform the U.S. in terms of office employment growth and corporate investment, as highlighted by the recent announcement from State Farm to increase its workforce by 6,000 employees.”

Arcadia Gateway Center offers convenient access to Phoenix Sky Harbor International Airport as well as to upscale shopping destinations including Downtown Scottsdale and Biltmore Fashion Park. Retail centers such as Arcadia Crossing and Desert Palm are within walking distance.

Photo credits: Transwestern via PRNewswire







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