KBP Realty Pays $8M for Deer Valley Flex Complex; Mark-Taylor Plans Upscale M-F Project in Scottsdale
- Feb 10, 2014
by Amalia Otet, Associate Editor
In an $8 million deal, KBP Realty Advisors has acquired Turner Spectrum Ridge, a 68,195-square-foot industrial flex property in Phoenix, from Newport Beach, Calif.-based Turner Real Estate Investments. The price translates to about $117.98 per square foot.
Turner Spectrum Ridge is a four-building, multi-tenant development located at 21025 North 8th Way and 21045-21111 North 9th Place, in the Deer Valley submarket, just north of the 7th Street exit on the Loop 101 Pima Freeway.
Developed in 2009, the property was 93.5 percent occupied at the time of closing.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s capital markets group arranged the transaction.
“Spectrum Ridge’s location dynamics and configuration resulted in strong tenancy,” Buckley commented in a statement. “Combined with current positive leasing momentum, this set the stage for a competitive pursuit by numerous Investors looking for quality product with upside potential.”
In multi-family news, Business Real Estate Weekly of Arizona reports that Scottsdale-based Mark-Taylor Inc. has acquired a 16.7-acre tract in North Scottsdale, where it plans to build a 252-unit luxury multi-family community. The seller was LaSalle115 Holdings L.L.C.-Series 34 Villa Volterra, an entity affiliated with BMO Harris Bank in Chicago, as successor to M&I Bank.
Located at 7215 E. Silverstone Drive, the acreage is part of the 160-acre former location of the Rawhide Western Town theme park. Now rebranded as Silverstone, the old Rawhide site is being redeveloped with retail, multi-family and single family residential, senior housing and a planned office park.
A 12-acre upscale strip mall anchored by Sprouts is under construction at the southeast corner of Pinnacle Peak and Scottsdale roads, with delivery scheduled for late 2014/early 2015. Vi at Silverstone, a continuing care retirement community, opened at the site in 2010.
Mark-Taylor’s planned rental complex is designed by Architectural Design Group and will feature one-, two- and three-bedroom units averaging about 1,100 square feet. Monthly rents are expected to average around $1,430.
Groundbreaking is scheduled for mid-2015, followed by opening about 10 months later. Mark-Taylor Development will serve as contractor. Development will cost an estimated $45 million, according to BREW.
Photo credit: 21045-21111 North 9th Place in Phoenix via Google Maps