Douglas Allred Plans 3 Projects in Chandler; Regent Properties Pays $58.6M for Paradise Valley Office Asset
- Dec 17, 2014
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