A venture formed by Capital Development Southwest, Inc. in Phoenix (Jay Gold, President) and CAPDEVL060,LLC/Rialto Capital Management in Miami, Florida (Jim Mullany, Asset Manager in Arizona) acquired 61 acres in the “The Wells” 122-acre Power Center located at the northwest corner of Porter Road and the Maricopa Casa Grande Highway in Maricopa.
The Seller in the $11,400,000 transaction is Shea Maricopa, LLC/ Shea Properties in Scottsdale (Peter Culshaw, Executive Vice President), which closed in December 31, 2014. The deal was brokered through Jeff Beach, James Hotis and Kevin Hogan of The Hogan Group, who represented the Rialto / Gold Venture and Shea Maricopa,LLC/Shea Properties was represented by Nathan & Assocciates, (Dan Baldwin, Nate Nathan).
The project was originally developed in 2008 by Shea Maricopa, LLC/Shea Properties to be the central mixed-use Power Center serving the City of Maricopa. The project encompasses 122+ acres of retail and multi-family uses, with onsite and offsite improvements completed. Since the completion of the infrastructure, several sites within The Wells have been sold to third parties. These include the sites for Wal-Mart Super center (200,000 s.f. open for business since 2008), Banner Health completed and open for business (20,000 s.f. expansion planned), Walgreens (building completed, but currently vacant), McDonald’s (Open for business 1st quarter 2015). 13,200 s.f. shops building (which is currently 80% leased).
The remaining 61 acres, acquired by Capital Development and CAPDEVL060,LLC/Rialto Capital Management contains 15 fully serviced commercial lots (a few of the smaller lots benefit from already completed building plans allowing for relatively immediate construction if warranted), The venture plans to bring the remaining 15 fully improved pads to market to meet Maricopa’s growing market demand. The venture has hired Mike Sutton of DTZ, formerly Cassidy Turley, to market Parcel 18 (16.8 acres) and Parcel 19 (5.8 acres) which will allow for Multi-Family, Hotel and Senior living users.
The remaining retail parcels shall be marketed by De Rito Partners- Marty Olejarczyk and Paul Serafin. Capital Development Southwest continues to look for retail opportunities in the Greater Phoenix Metropolitan area.