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Douglas Allred Plans 3 Projects in Chandler; Regent Properties Pays $58.6M for Paradise Valley Office Asset

17 Dec 2014, 8:53 pm

By Liviu Oltean, Associate Editor

Park Place

Douglas Allred Co. is ready to move forward with three new projects in Park Place, a 150-acre, mixed-use development in Chandler’s Price Road Corridor.  The San Diego-based firm plans to add an eight-story, 210-key Drury Inn & Suites, a retail and restaurant project and a 92,000-square-foot Class A office building.

“We are so excited to develop a new flagship hotel in the Park Place office park,” said Larry Hasselfield, chief financial officer with Drury Inn & Suites, in a statement. “The Chandler location in the center of the Price Road Corridor with immediate freeway access and visibility is unbeatable.”

Allred has already started work on the retail and restaurant component, which will comprise two buildings within walking distance of the future Drury Hotel site. Upon build-out, the restaurant portion will add up to 10,000 square feet, not counting patios.

Construction of the new hotel is slated to start during the third quarter of 2015 with completion scheduled for early 2017. It will be developed on a tract near the 101 and 202 interchange, south of Chandler Fashion Mall. The third project, a modern office building, will break ground soon and will be finished in July, 2015.

In other regional news, Regent Properties has acquired Desert Ridge Corporate Center,a mixed-use property located in the Paradise Valley submarket, for $58.6 million. CBRE Group Inc.arranged the sale.

Totaling 293,161 square feet, Desert Ridge Corporate Center consists of two Class A office buildings and a 17,953-square-foot, multi-tenant retail building. It was developed in 2007 and is minutes away from the 1.2 million-square-foot Desert Ridge Marketplace and the 628,000-square-foot High Street development.

“Desert Ridge fits perfectly within our strategy of buying value-added office properties across the western United States,” said Eric Fleiss, president of Regent Properties. “We are committed, experienced investors in the Phoenix market specifically, and believe this high-quality asset is a great addition to our portfolio.”

Image Courtesy of CBRE and Douglas Allred Company



Progressive Leasing Inks Lease for Regional Office in Glendale

6 Dec 2014, 7:25 pm

By Liviu Oltean, Associate Editor

Progressive Leasing, a Utah-based financial services vendor for retailers and merchants, will soon open its doors in Glendale. The Phoenix office of CBRE Group Inc. just finished negotiating a 20,000-square-foot lease for the company at Talavi Corporate Center on West Talavi Boulevard.

The company hopes to add about 500 new jobs in metropolitan Phoenix by the end of 2015. Progressive Leasing plans to add 50 employees each month for a variety of departments–underwriting, customer service, retailer support and collections. The new lease represents Progressive Leasing’s first step outside Utah, where the company has created more than 600 jobs in the past three years.

“Our new Glendale facility is an important part of Progressive’s growth plan and our ‘always up’ strategy,” said Ryan Woodley, CFO/COO of Progressive in a statement. ”Our expansion requires a great labor force, superior facilities, and few geographic or weather anomalies. Glendale was a perfect fit for our needs.”

“Glendale is an excellent location because of our abundant, qualified workforce and close proximity to multiple major transportation corridors,” said Brian Friedman, director of economic development for the city of Glendale. “Our process for expedited development services has really given us the reputation of working with the client to ensure they open within their timeframe.”

Based in Draper, Utah, Progressive Leasing is considered one of the state’s fastest-growing companies. On Nov. 3, the firm broke ground on a six-story headquarters that will accommodate more than 700 employees.



Hines, CBRE and Metro Commercial Properties Take Multiple BOMA Awards

25 Nov 2014, 9:27 pm

By Liviu Oltean, Associate Editor

CBRE Group Inc., Hines and Metro Commercial Properties made a strong showing at the 2014 TOBY Awards (The Outstanding Building of the Year) sponsored by the Phoenix chapter of the Buildings Owners and Managers (International) Association. All three companies took home honors for innovation and sustainable practices in office properties.

24th at Camelback II

24th At Camelback II, Hines

Located at 2325 East Camelback Road in the renowned Camelback Corridor, the 307,877-square-foot building was designed by Pickard Chilton. Recipient of BOMA’s TOBY Earth Award, the project represents Arizona’s first multi-tenant LEED Platinum building and was praised for its bevy of sustainable features.

Renaissance Square, Hines

Located in Phoenix’s central business district at 2 and 40 North Central Ave., Renaissance Square received BOMA’s TOBY Award in the 500,000- to 1 million-square-foot category. Designed by Emery, Roth & Sons, the 965,508-square-foot, Class A office building is the official home of the Arizona Super Bowl Host Committee and features amenities such as 24-hour security, conference room facilities, a full service athletic club, six restaurants, and a tree-lined courtyard.

Art Baril, Engineering Manager, Hines

An 18-year veteran of Hines, Art Baril was recognized as Engineer of the Year. He was a key player in the procurement of 24th At Camelback II’s award and is recognized in the industry for energy-saving innovations, professional training and ethics. “Hines is always seeking new and innovative ways to increase energy efficiency and lead in professional standards. I’m honored BOMA recognized our steadfast efforts,” Baril said in a statement.

Darwyn Harp, General Property Manager, Hines

Recipient of the BOMA Principal Member of the Year award, Harp has eighteen years of experience with Hines in multiple markets. He is a respected professional in the commercial real estate industry and was recognized for his commitment to BOMA’s Allied Partners program. “I greatly value my relationship within the talented Phoenix market and am humbled by this prestigious honor from my peers,” Harp said in a statement.

Max at Kierland, CBRE Group Inc.

Located at 16220 North Scottsdale Road, Max at Kierland was recognized for its sustainable features and for its reimagining as a green-certifiable office building. Although the 258,000-square-foot building was not designed initially for LEED certification, it earned one after a significant design overhaul.

McDowell Mountain Medical, CBRE Group Inc.

The McDowell Mountain Medical Building recently underwent a significant makeover. It was created by Evolution Design and is currently managed by CBRE’s Robyn Warnica. After its renovations, the building is a candidate for Energy Star certification.

 

San Tan Corporate Center I and II, CBRE Group Inc.

Located at 3100 and 3200 W. Ray Road in Chandler, the two Class A office buildings were designed by DFD Architectural. Both buildings have Energy Star designations and were awarded LEED EB Gold certification in 2011.

Gainey Center I, Metro Commercial Properties

The 140,000-square-foot office building, which is managed by Metro Commercial Properties, obtained an Energy Star rating and LEED-EB Silver certification after extensive renovations.

 



ASU Breaks Ground for $129M Law School Building

17 Nov 2014, 10:44 pm

By Liviu Oltean, Associate Editor

Groundbreaking Ceremony ASU

Arizona State University recently broke ground for a $129 million addition to its law school. The project encompasses 280,000 square feet of space, 18 classrooms, a large lecture hall for undergraduate education and two levels of underground parking. In addition, the building will feature first-floor retail, additional space for the ASU Alumni Law Group, two think tanks and various cross-disciplinary centers.

Dubbed the Arizona Center for Law and Society, the project is located on a site bordered by Taylor Street on the North, 1st Street on the West, Polk Street on the South and 2nd Street on the East. The groundbreaking ceremony included dignitaries such as retired United States Supreme Court Justice Sandra Day O’Connor, ASU President Michael Crow and Phoenix Mayor Greg Stanton.

“What you’re seeing here today is the launching of America’s great model for a new law school of the future,” said Crow in a statement. “The older models of university engagement have run their course. This is the new way and we’re forging the new way. We’ve planted our flag here and we’re only going to advance.”

“Leaders will be coming out of this building, including some of the top lawyers, future Supreme and State Court justices,” Stanton added.

Funding for the project has been obtained from the City of Phoenix, which provided the land and $12 million, construction bonds through ASU, and private and public donations such as $10 million from Leo and Annette Beus. The Arizona Center for Law and Society has raised more than $30 million toward its $50 million target.



Whitestone Buys 2 Fulton Ranch Retail Centers in $48M Deal

8 Nov 2014, 5:48 am

By Liviu Oltean, Associate Editor

The Promenade at Fulton Ranch

Houston-based Whitestone REIT has expanded its footprint in Phoenix through the $47.9 million acquisition of Fulton Ranch Towne Center and The Promenade at Fulton Ranch. The assets are part of the Fulton Ranch, a 520-acre, master-planned community in Chandler.

The average household income in the Fulton Ranch community is $106,079, significantly higher than in metropolitan Phoenix metropolitan area, which averages $71,229,  the company said in a statement.

Located at the southeast corner of South Arizona Avenue and West Ocotillo Road, Fulton Ranch Towne Center was acquired for $29.3 million and offers 113,381 square feet of space. The acquisition also included two pad sites that accommodate an additional 18,000 square feet of retail space, and the option to purchase a 30,187-square-foot building that is expected to be vacant soon.

The Promenade at Fulton Ranch is located at the intersection of South Alma Road and West Chandler Heights Road. The 98,792-square-foot center traded for $18.6 million was 76 percent occupied at closing.

“Both Fulton Ranch Towne Center and The Promenade at Fulton Ranch were ‘off market’ acquisitions located in the technology hub corridor within the Chandler, Gilbert and Mesa, Arizona area. Both properties enhance our presence in the growing southeast valley of the Phoenix MSA, and expand our opportunities for economies of scale and leasing synergies with Whitestone’s existing infrastructure. The properties feature balanced and complementary tenant businesses which meet the needs of the residents from the surrounding communities,” said James C. Mastandrea, Whitestone’s Chairman and CEO.

Whitestone acquired the assets with financing from a 2.66 percent corporate credit facility. Annual net operating income for the two retail centers was estimated at $3.6 million, or 7.5 percent of the purchase price. Considering that both properties have value-add capabilities and are incremental to funds from operations per share, they are expected to contribute $0.02 per share in 2014 and $0.10 per share in 2015. according to the company.

 







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