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Trillium, JMS Capital Get 17 Acres for MXD

PHOENIX-The partnership pays $18 million for the infill site for a residential and retail build-out. If the plan stays on track, construction begins in summer 2008.

By Amy Wolff Sorter | Updated on September 06, 2007

PHOENIX-Trillium Residential LLC has joined forces with a La Jolla, CA developer to acquire 17 acres in the northwest submarket from a local family trust. The $18-million buy will ultimately lead the way to a mixed-use retail and residential development.

New owners Trillium and JMS Capital LLC are in the planning phases for the land, with ground breaking on North Tatum Boulevard and East Greenway Road site anticipated for summer 2008. The retail portion is scheduled for a 2009 completion while the residential component is slated to come on line in 2010. In the next six months, the joint venture will have more specifics on the project, including a name, amount of retail space and number of units.

The Florence/Stewart Trust of Phoenix required the deal to be closed within 30 days and no due diligence. James Shough, principal with JMS Capital LLC, says he had no trouble with the strict requirements–partly because of a longstanding relationship with the seller and partly because the undeveloped land attracted many offers.

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