Phoenix, Ariz. – Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50,275,000.00. The development offered opportunity for future value appreciation with extensive renovation and modernization.
Argenta was sold by Millburn Company of Salt Lake City. The buyer was 29th Street Management III, based in San Francisco. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handle the sale transaction.
“We were honored to be involved in the disposition of Argenta for Millburn Company. They did a great job stabilizing and positioning Argenta for the next buyer. 29th Street Capital’s strong local knowledge made them the perfect buyer to take Argenta to the next level.”
Sunbelt Investment Holdings Inc. is planning to build two business parks totaling 1.8 million square feet on some prime chunks of land in Phoenix.
The two developments will cost about $240 million to build, and the San Diego developer will pay those costs in cash.
The company is so active in metro Phoenix that it intends to open a satellite office in midtown Phoenix next year, said Todd Holzer, president of Sunbelt Investment, who splits his time between California and Arizona.
A 15-acre mixed-use project on tribal land near Scottsdale has received $11.5 million in equity investment to fund development. The project, dubbed The Edge, is planned for Loop 101 and 90th Street on the Salt River Pima-Maricopa Indian Community.
Dan Lupien, principal of Palmer Development Group, the developer of the project, said the project, which will include a four-story office building totaling 210,000 square feet, plus 35,000 square feet of freestanding restaurant and retail space, will cost about $70 million to develop.
Nationwide Realty Investors, the real estate arm of Nationwide Mutual Insurance Cos., unveiled the name and preliminary plans for its new 134-acre mixed-use development in Scottsdale, which will also serve as the company’s regional headquarters.
The development, called Cavasson, will break ground on its first phase next year. It will include several commercial office buildings as well as the new 460,000-square-foot regional headquarters building for Nationwide, multifamily apartments, a six-story parking structure, retail and restaurants, two hotel sites, and significant infrastructure improvements near Loop 101 and Hayden Road.
Alongside its office in Scottsdale, Voya Financial Inc. (NYSE: VOYA) will open a second office in the Phoenix metro area, the company said Thursday. In addition, Voya plans to hire more than 1,000 new employees to fill the new building, which will house a call center, customer and business support, human resources and IT, according to a company announcement. The retirement services, investment and insurance company’s existing office in Arizona is in Scottsdale, at 7337 E. Doubletree Ranch Road. Two hundred employees already work there as part of Voya’s investment management business.
Carter Unger, president of Scottsdale-based Spring Creek Development, submitted plans to the city for SouthBridge 2.0 that would include office space, hotels, retail and restaurants plus residential development, totaling nearly 1.7 million gross square feet. The development would include 282,000 square feet of commercial space, 295 residential units, 333 hotel rooms and 1,528 parking spaces, according to city documents. In total, the project will cost about $700 million to complete, Unger said.
Construction has begun on the first phase of a $57 million mixed-use development in downtown Chandler.
The project, called New Square, will be built in two phases. The first phase will include 50,000 square feet of office space, a 110-room Hilton Garden Inn and 9,000 square feet of restaurant space, said developer Spike Lawrence of Spike Lawrence Ventures. The second phase will include 140,000 square feet of office space. The project will be built at Arizona Avenue and Chicago Street.
Construction has started on a $26 million hotel in downtown Phoenix’s Roosevelt Row Arts District.
The developers of the seven-story, 127-room upscale hotel said the property will include a ground-floor cafe, restaurant and a rooftop pool with cabanas and bar. The project is expected to be completed in late 2019.
Since 2004, downtown Phoenix has been fueled by tremendous economic development activity, including $5.03 billion investment by companies that have redeveloped a 1.7-square-mile area in the heart of central core. Downtown Phoenix currently has 6,121 total units across 101 separate properties. Of those, 2,269 units within 16 properties have either age/affordable/student housing restrictions. As of Sept. 10, there were six properties totaling 1,428 units under construction.
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