In the first of several ventures, Remington Nevada and InterCapital Development have teamed up with locally-based Capital Asset Management (CAM), Phoenix, to purchase The Villages at Troon North Phase II, a 67,000-sq-ft office condominium project and The Villages at Troon North Phase III, a future upscale residential condominium development. Collectively, the properties sit on 11.8 acres of prime land situated on Dynamite Road surrounded by the Troon North Resort golf courses. The site features beautiful landscaping and unprecedented views of Pinnacle Peak and the surrounding mountains.
Originally acquired by the seller through one of the first structured asset portfolio sales with the FDIC, the Phase II 67,000 sq-ft commercial space has sat vacant in its original grey shell condition since 2009, despite the Phase I condominiums having been successfully sold out for many years.
The new buying partnership expects to breathe life into this project and sell individual units to approved office and retail users. Taking full advantage of the picturesque mountain views, Remington Nevada also intends to develop approximately 40 upscale residential condominiums on the adjacent 5.2-acre Phase III land, which overlooks the golf course. Jason Hersker, Stephen Herman, Scott Smith and Rachael Cisco all with CAM, were the listing brokerage team on the $4.1 million transaction.
“To be given the opportunity to partner with such successful developers as David DelZotto of Remington Nevada, InterCapital and Timbercreek is a dream for CAM” says Rachelle Strole, owner of CAM.
Debt financing has been provided by Timbercreek Asset Management Inc., an active manager and investor in global real estate, with a dedicated debt origination platform for its managed entities.