PHOENIX—Cassidy Turley has negotiated the sale of a 10.55-acre site at the northwest corner of Loop 101 and Loop 202 Freeways in Chandler. Hines Interests Limited Partnership purchased the former Elevation Chandler site for $8.25 million. The seller was Price & Frye Investments, LLC. The site was purchased for $8.25 million.
Cassidy Turley executive managing directors David Fogler and Steven Nicoluzakis, and managing director Don Arones represented the seller during the transaction.
Cassidy Turley was awarded the listing for the property in 2010, and originally had it under contract in 2011, but due to the litigation that was the result of a flawed trustee sale that contract was cancelled. Over the past four years the property has overcome numerous legal obstacles, including a fight that eventually led to an Arizona Supreme Court Ruling regarding ownership and the right to sell. Cassidy Turley put the property back on the market and through a bid process; Hines was selected and put the property under contract in November 2012.
“Hines put all that together,” Arones tells GlobeSt.com. “It was four years in process. There was a litany of legal issues, an older legal structure that you just don't see anymore. It was amazing; one of the hairiest deals I've seen in a long time. Kudos to Hines for putting a lot of time and money into the project; it's the type of project and sponsorship that elevates other projects for Chandler.”
Hines has announced plans for a mixed-use development with retail, office and multi-family residential on the property that they are calling Chandler Viridian. Demolition of the existing building will take approximately three months.
Alliance Residential is developing the class A 330-unit multifamily property at Chandler Viridian. Multifamily construction is expected to begin in the first quarter of 2015.
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