The Scottsdale-based partners bought the land in two separate deals. The site takes up the southwest corner of Recker and Thomas roads. A 7.96-acre tract was acquired from Kitchell Development Co. in Phoenix, who was represented by Nate Nathan and Courtney Buck with Nathan & Associates Inc., also from Scottsdale. The 18.85-acre parcel was sold by a trust handled by Chicago Title Insurance Co.'s Phoenix office. Tyler Switzenberg with Phoenix Commercial Advisors in Phoenix represented the seller. Chad Dollander, an associate with Diversified Partners, represented the joint venture buyer in both transactions.
Tim Dollander, principal with Diversified Partners, tells GlobeSt.com that the project's first phase is the retail component, which will break ground in early 2009. And, the office component will be the last piece to be built. The entire build-out is anticipated to take 18 months, with the partnership handling the retail's vertical development.
Dollander's company has teamed with Desert Troon on a variety of area developments. Their partnership has produced such developments as the 650,000-sf Skyline Ranch Marketplace at the intersection of Gary Road and Hunt Highway in Pinal County and the 79,950-sf Power Market Place II at the corner of Power and Rittenhouse roads in Queens Creek.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.