Western Real Estate Business

MAY 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 26 • May 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T DPC ACQUIRES 145,000 SF MIXED-USE DEVELOPMENT IN SCOTTSDALE FOR $16 MILLION SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the in- tersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undis- closed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property fea- tures 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORI- ON Investment Real Estate facilitated the transaction. SPRING HILLS PLANS MEMORY CARE COMMUNITY IN LAS VEGAS LAS VEGAS — Spring Hills Senior Communities has announced plans for Poet's Walk Summerlin memory care community in the northwest sub- market of Las Vegas. The community will feature 72 beds. The project is part of Spring Hills' continued expansion plans within the memory care sector. MJW INVESTMENTS ACQUIRES STUDENT HOUSING COMMUNITY NEAR ARIZONA STATE TEMPE, ARIZ. — MJW Investments has acquired ReNUE on Orange, a 110-unit student housing community located near Arizona State University in Tempe. The price was not disclosed. The property offers one- and two- bedroom units with shared amenities including a swimming pool, sundeck and courtyard. The company plans to make improvements to the property, including upgrading unit interiors and common areas, addressing deferred maintenance issues and rebranding the property as "Thrive Tempe," ac- cording to Mark Weinstein, president of MJW Investments. This investment increases MJW Investment's student housing portfolio to over 5,500 beds. LINCOLN PROPERTY CO. BREAKS GROUND ON 352,000 SF OFFICE BUILDING IN TEMPE TEMPE, ARIZ. — Lincoln Property Co. has broken ground on the second building at Grand at Papago Park Center in Tempe. The 352,000-square- foot building will be located at 1027 W. Roosevelt Way. The Grand Build- ing Two is one of Arizona's largest office buildings to break ground as a purely speculative endeavor, accord- ing to Lincoln. It is scheduled for com- pletion in the second quarter of 2019. The building will be the second of eight Class A office buildings sched- uled to be built by Lincoln within the 60-acre mixed-use Grand at Papago Park Center. The newest office build- ing will provide creative office space with a two-story lobby, modern and flexible floorplates and an open office concept highlighted by 12-foot floor- to-ceiling windows. Among the proj- ect's features are a 10,000-square-foot amenity lounge with a full-service res- taurant, indoor/outdoor seating, TV viewing area and two conference fa- cilities with full audio-visual technol- ogy. Lincoln also serves as the proper- ty manager. Jerry Roberts and Patrick Boyle of Cushman & Wakefield serve as the project's exclusive leasing bro- kers. Davis is the office project archi- tect and Whiting-Turner is the general contractor. MIG REAL ESTATE PURCHASES 209-UNIT APARTMENT COMPLEX IN MESA MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apart- ments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Inte- rior renovations will include updated countertops, a stainless-steel appli- ance package, new cabinetry, synthet- ic plank flooring, and updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will un- dergo renovations to freshen the space and enhance use. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller. Repurpose, Reuse & Reimagine Redevelopment Peoria is launching a new redevelopment initiative Peoria has made turning aging shopping centers into attractive, new mixed-use projects, or re-purposing them into a unique office product a priority. With a supportive mayor and highly motivated city council driving the city's redevelopment initiatives, Peoria is reinventing its future. Visit our website to learn about the many real estate development and redevelopment opportunities and how you can partner with Peoria today at: www.peoriaed.com/invest Located in Scottsdale, 7 Thousand Shea features 145,000 square feet of mixed-use space.

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