Construction Kicks Off in Tempe for $600M Development Marina Heights
Marina Heights, the 2 million square foot project along Tempe Town Lake, broke ground on July 31. State Farm will lease approximately 1.9 million square feet in the development. Ryan Companies begins construction this month of Marina Heights. The 20-acre, $600 million mixed-use development will include five office buildings leased by State Farm, retail amenities and a 10-acre plaza that will be constructed over the next four years. The first 370,000 square foot building is expected to be complete by mid-2015.
“We are so proud to be a part of the team that is bringing this major corporate project and thousands of new jobs to Tempe. With the completion of this transit-oriented development, the vision for Tempe Town Lake will be realized,” said John Graham, president and CEO, Sunbelt Holdings.
$350M Mixed-Use Commercial Development Planned for Tempe
At a Board meeting on July 25, USA Basketball’s Board of Directors approved the move to Tempe and USA Place as the home of its new national headquarters and training center.
USA Place, LLC, has been selected to develop a new 330-room Omni Hotel and 30,000-square-foot conference center on a 10.5-acre site located at the southeast corner of Mill Avenue and University Drive, subject to Tempe City Council and Arizona Board of Regents final approval of development agreements. In addition to the hotel and conference center, USA Place will include a new national headquarters and training center for USA Basketball, a 4,500-seat event center, 500 luxury apartments, 160,000 square feet of retail and up to 200,000 square feet of office space, including the new home for Arizona Interscholastic Association events.
The principals of USA Place, LLC, include Susan Eastridge, CEO of Concord Eastridge; Michael Hallmark, principal of Future Cities; and Robert Harris, CEO of Harris Sports & Entertainment.
Marcus & Millichap Sell Central Arizona Multifamily Property Terrace at Glassford Hills
July 30, 2013 – Marcus & Millichap Real Estate Investment Services, has arranged the sale of The Terraces at Glassford Hills, a 226-unit apartment community located in Prescott Valley, Ariz. The asset commanded a sales price of $22,385,000.
Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Aspen Square Management Inc.
Gebing and David also represented the buyer, Irvine, Calif.-based The Bascom Group in coordination with the group’s local affiliate, Bascom Arizona Ventures LLC, which is based in Scottsdale, Ariz.
The Terraces at Glassford Hills provides residents with resort-style amenities and one-, two- and three-bedroom apartment homes. Developed in 2003, the property features a clubhouse/leasing office with a resort-style heated swimming pool and a zero-edge Jacuzzi with high-end water features. Other community amenities include a state-of-the-art 24-hour fitness center, a business center with Wi-Fi and Internet services, barbecue grills and detached garages.
Mercado at Scottsdale Ranch Sells for $21.25M
Cushman and Wakefield of Arizona, Inc., has announced the $21.25 million sale of The Mercado at Scottsdale Ranch, a Class A community retail center at 10155 E. Via Linda. The seven-building center, located within a densely populated area of Scottsdale, is 96 percent occupied and heavily anchored by AJ’s Fine Foods and Walgreen’s. Whitestone REIT of Houston, Texas, purchased the center from Calif.-based Rassier Properties. Greg Valladao, senior director of retail properties with Cushman and Wakefield, represented Rassier in taking the property to the market, procuring Whitestone REIT as a purchaser, and completing the multi-million dollar acquisition.
“Our broad-based marketing campaign allowed them to take advantage of historically low capitalization rates and pent up investor demand for grocery-anchored retail properties,” said Valladao.
CBRE Announces the Sale of Mesquite Corporate Center in Scottsdale for $15.25M
CBRE announced the sale of the Mesquite Corporate Center, a Class A 79,537-square-foot multi-tenant office building located at 14646 N. Kierland Boulevard in Scottsdale to Waittcorp Real Estate, LLC, for $15.25 million. The building was 96 percent occupied at the time of the sale.
CBRE’s Barry Gabel, Chris Marchildon and Mindy Korth negotiated the sale on behalf of the seller, Mesquite Partners I LLC, an entity of DPC Development Company based in Englewood, Colo. The buyer, Waittcorp Real Estate, LLC, an investment company based in Omaha, Neb., was self-represented.
Built in 1999, the Mesquite Corporate Center is a two-story office building with generous golf course frontage on one of three nine-hole golf courses at the Kierland Golf Club, part of the Westin Kierland Resort & Spa. Located in the Kierland area of north Scottsdale, it is surrounded by first-class amenities, high-end executive housing and the Loop 101 Freeway.
CBRE Completes $13.57M sale of 123,000 SF Ocotillo Plaza
CBRE has completed the sale of Ocotillo Plaza, a 123,000-square-foot neighborhood shopping center located at 2840 S. Alma School Road in Chandler, Ariz. The asset sold for $13.57 million.
Cam Stanton of CBRE’s Phoenix office represented both parties in the transaction. The seller was Ocotillo Plaza Investors LLC of Roseville, Calif. The buyer was Ocotillo Plaza De Rito-P Retail LLC, located in Phoenix.
“This is a great project in a great location,” said Iver Bowden, COO of De Rito Partners. “Other retail centers at this intersection are fully leased, so we are excited about Ocotillo Plaza’s potential. It was great working with Cam on this project.”
Built in 1986, Ocotillo Plaza shares the intersection of Alma School and Queen Creek roads with an Albertsons-anchored center on the southeast corner and a Sprouts-anchored center on the northeast corner. Ocotillo Plaza was 29 percent leased at the time of sale.