$40M MXD Plan Surfaces for 27 Acres in Mesa

MESA, AZ-Diversified Partners LLC and Desert Troon Cos. are teaming up again to develop a mixed-use project on a just-bought 26.81-acre tract. Red Mountain Commons, carrying an all-in tab of $40 million, will have 150,000 sf of retail, 60,000 sf of office and a 120-room hotel.

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.