PHOENIX—A retail pad at Kierland One, an office building in the North Scottsdale Airpark submarket, has been sold by Hines to Arizona State Credit Union and Cole Investment Group. Kierland One, 16430 N. Scottsdale Rd., is located across from the Promenade Shops within the Kierland master-planned development.
Arizona State Credit Union purchased a 25,696-square-foot parcel and has plans to build a 4,400-square-foot state-of-the-art branch, which will include a drive-through window and a customer lobby. Also on the site, Cole Investment Group of Scottsdale, AZ purchased a 37,266-square-foot parcel and will develop more than 8,000 square feet of multi-tenant retail and restaurant shops.
Scott Cole, president of Cole Real Estate Services, represented Arizona State Credit Union and Cole Investment Group in the purchases. Stan Sanchez with Colliers International and Paul Serafin with De Rito Partners represented Hines.
Chris Anderson, managing director and city leader for Hines, tells GlobeSt.com: "Arizona State Credit Union's 4,400-square-foot branch and Cole Investment's 8,000-square-foot shops and restaurants will provide new high-quality credit union and retail options for the businesses and residents located within walking distance of Kierland One."
The Arizona State Credit Union branch and the multi-tenant shops are expected to open in mid-summer 2016.
"Arizona State Credit Union has been searching for the right location to expand our presence in North Scottsdale. We are elated to be part of the Kierland master planned community. This new state-of-art branch will appeal to our growing customer base in the area," said Dave Doss, CEO and president of Arizona State Credit Union.
Arizona State Credit Union has 20 locations across the state and $1.7 billion in assets.
"Scottsdale Road and the Kierland area are highly desirable areas for retailers. In addition to the general public, we will provide services to more than 700,000 square feet of class-A office space that is within walking distance of our new restaurants and retail area," said Cole. Cole Investment Group and its affiliates have developed and owned numerous retail, office, industrial and residential properties throughout Arizona.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
