Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
C A L I F O R N I A & H A WA I I 32 • September 2017 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T ASU, AMERICAN CAMPUS COMMUNITIES OPEN 1,600-BED ON-CAMPUS COMMUNITY TEMPE, ARIZ. — Arizona State Uni- versity and American Campus Com- munities have opened The Fulton Schools Residential Community at Tooker House, a 1,600-bed residential community for undergraduate stu- dents in the university's engineering school. The "dorm for engineers" features on-site digital classrooms and state- of-the-art maker spaces complete with 3D printers, laser cutters and de- sign tools needed for a broad range of engineering courses and projects. The community also offers a 525-seat din- ing facility, Bluetooth-enabled laun- dry rooms that notify residents when their clothes are dry, advanced green building technology and high speed internet. Solomon Cordwell Buenz designed the property. In total, American Cam- pus Communities has developed sev- en communities totaling 7,719 beds for ASU, an investment in excess of $540 million. JV SELLS OVATION AT TEMPE APARTMENT COMMUNITY FOR $36 MILLION TEMPE, ARIZ. — A joint venture between Passco Companies and In- Site Property Ventures has sold the 270-unit Ovation at Tempe to an un- disclosed buyer for $36 million. The community is located at 4502-4505 S. Hardy Drive in Tempe. The JV initially acquired the as- set for $25.8 million in 2014. Rents in metro Phoenix have increased by 5.6 percent over this past year alone, ac- cording to the partners. The JV implemented a series of in- terior and exterior improvements to the apartment community during its ownership. This included upgrading unit interiors, constructing additional carports, and enhancing the proper- ty's exterior and community ameni- ties. HFF ARRANGES $21.5 MILLION SALE OF GROCERY-ANCHORED CENTER IN TUCSON TUCSON, ARIZ. — HFF has arranged the $21.5 million sale of Ventana Vil- lage, a 110,116-square-foot shopping center located in Tucson, Arizona. Bashas' Supermarket anchors the 90.8 percent occupied center, which is home to tenants including Tues- day Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hos- pital. CJ Osbrink and Gleb Lvovich of HFF represented the seller, Westwood Financial, in the transaction. Austin, Texas-based Epic Real Estate Partners purchased the asset free and clear of existing debt. HOME2 SUITES BY HILTON OPENS IN LAS CRUCES LAS CRUCES, N.M. — The 91-room Home2 Suites by Hilton has debuted in Las Cruces. The new hotel is locat- ed at 1120 North Telshor Blvd. The property offers all-suite ac- commodations with fully equipped kitchens and modular furniture. It also features complimentary Inter- net, communal spaces and trademark Home2 Suites amenities. These ame- nities include Spin2 Cycle, a combined laundry and fitness area, Home2 MKT for grab-and-go items and the In- spired Table, a complimentary daily breakfast that includes more than 400 potential combinations. Home2 Suites is situated near downtown Las Cruces, Las Cruces In- ternational Airport, New Mexico State University, Veterans Memorial Park and Dripping Springs Natural Area. The pet-friendly property is owned by Las Cruces Hotel Partners, LLC and managed by Kana Hotel Group. JLL INCOME PROPERTY TRUST ACQUIRES MONTECITO MARKETPLACE IN LAS VEGAS FOR $63 MILLION LAS VEGAS — JLL Income Property Trust has acquired Montecito Market- place, a 190,000-square-foot shopping center located in Las Vegas. Smith's Grocery and TJ Maxx an- chor the fully leased property, which is home to national and regional re- tailers and restaurants, banks and per- sonal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S. SMART Investment, SMART Partnership Learn about the many real estate development opportunities and how you can partner with Peoria today at: www.peoriaed.com/invest Smart Partnerships lead to Smart Investments With a strong mayor and city council leading an aggressive economic development strategy, Peoria Arizona is poised to make strong public-private partnerships. Investors and developers can choose among many exclusive redevelopment, commercial and industrial real estate development opportunities in Peoria. Peoria The Fulton Schools Residential Community at Tooker House offers 1,600 beds for students in Arizona State University's engineering school.