Build-to-rent project goes ahead near TSMC plant; plus 7 more deals to know – Phoenix Business Journal – Phoenix Business Journal

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Scottsdale-based Tower Capital arranged $88.5 million in construction financing for a 354-unit build-to-rent community that Empire Group of Cos. is building on 40 acres in north Phoenix.
Tower Capital’s Kyle McDonough, principal and co-founder, and George Maravilla, senior vice president, arranged the financing.
Called Village at Bronco Trail, the project is near the Taiwan Semiconductor Manufacturing Co.’s $40 billion plant that is will employ more than 4,000 workers, creating a need for more housing in that area.
Scottsdale-based Empire Group paid $14.37 million in cash for the 40-acre parcel last summer. The project is slated for first deliveries in 2024.
This financing package follows several other financing deals that Tower Capital arranged for Empire Group.
Another $300 million in build-to-rent financing are in the works.
A 109-key TownePlace Suites by Marriott in Chandler is under new ownership.
Seattle-based real estate group Trimark Property Group acquired the hotel from Atlanta-based Peachtree Hotel Group for $18 million, according to real estate database Vizzda. Amenities at the hotel include an outdoor pool, fitness center, BBQ area, and an on-site bar and lounge. The hotel is located at 3635 W. Chandler Blvd just to the west of Chandler Fashion Center shopping mall.
“The property is located just a few miles from Intel’s Chandler campus and seven miles from its Ocotillo campus, including Fab 42, that has two new approximately $10B chip plants under construction — known as Fab 52 and Fab 62 — providing increased demand in the area,” said Bill Murney, an executive managing director with Cushman & Wakefield, in a statement
Murney with Cushman & Wakefield’s Western US Hospitality team in Phoenix represented Peachtree in the transaction. The deal took place July 3, according to Vizzda.
A nearly 100,000-square-foot office building in Tempe has been acquired by a law firm
Enzed LLC — an entity linked to Clark Hill PLC — paid nearly $14 million to acquire the space from Los Angeles County Employees Retirement Association, according to Vizzda. Located at 8160 S. Hardy Drive in Tempe, most of the building is leased to financial service company, Cenlar FSB.
“This well-positioned south Tempe flex office building made for a terrific value-add investment opportunity. The building is heavily parked at a ratio of 7.5/1,000 sf, features 18’ clear heights and large floor plates that are ideal for flex office tenancy,” said Eric Wichterman, a vice chairman with Cushman & Wakefield, in a statement. “The viability of building in the market was evident at the time of closing when the buyer was fielding strong interest from a prospective tenant for the remaining vacancy in the building.”
Wichterman and fellow Cushman & Wakefield colleagues Chris Toci, Mike Coover and Steve Lindley represented the Los Angeles County Employees Retirement Association in the deal while Lee & Associates’s Marcus Muirhead represented the buyer.
“Located near Arizona State University, in the epicenter of metro Phoenix’s high-growth technology trade area, the property sits in an amenity-rich environment with strong demographics and a well-educated workforce,” Toci said in a statement. “Tempe has been the first choice for a myriad of quality tenants due to its immediate freeway access, neighboring higher education institutions, and robust amenities.”
• LumberjAxes, an ax-throwing entertainment concept with a restaurant and bar, opened in Tempe Marketplace.
Operating inside a 13,000-square-foot space above the Victoria’s Secret and across from Dave & Buster’s, LumberjAxes has a scratch kitchen run by celebrity chef Matt Hearn, who has been see on “Hell’s Kitchen” and MTV’s “Snack-Off.” The owners of LumberjAxes believe its culinary experience, sets it apart from other ax-throwing concepts.
“Our ownership team fell in love with the ax-throwing phenomenon while we were on a trip in Canada and just knew we had to bring the concept to the US,” Angelo DiNardo, a co-owner of LumberjAxe, said in a statement. “We opened Arizona’s premiere ax-throwing location in 2017, and our second location two years later at Westgate in Glendale. With six years under our belt and our team’s extensive culinary and entertainment background, we knew it was time to grow and expand the concept adding to the mecca of foodie and event destinations Arizona is known for.”
The indoor-event space can accommodate groups up to 500 people for private parties and corporate events. There is also a large patio at the new LumberjAxe location.
Tempe Marketplace, which is owned and operated by Phoenix-based Vestar, has seen a flurry of new leasing activity, including a new Lou Malnati’s that opened towards the end of 2022, Enclave Salon Suites, The Vitamin Shoppe and Primp & Blow.
• Arcadia Town Center, a 71,099-square-foot shopping center at 4730 – 4750 E. Indian School Road in Phoenix, sold for $25.3 million.
The multi-tenant center sits across five acres and is shadow-anchored by a Safeway grocery store.
Whitestone REIT acquired the property from LNR Partners, which had owned the center since 2018 when it bought it for $18.3 million. Tenants at Arcadia Town Center include CVS, Over Easy, NextCare Urgent Care and Tutor Time.
The seller was represented by Darren Tappen, Nathan Thinnes, and Peter Beauchamp for Kidder Mathew’s Phoenix office.
“Seasoned retail investors remain focused on grocery-anchored centers in the Phoenix metro,” Tappen said in a statement. “The combination of Safeway and CVS offers two ideal anchors for the project, resulting in strong interest from a wide range of buyers and capital sources.”
• Cobblestone Village, a Bashas’-anchored shopping center in Tempe sold for $20 million on June 30, according to real estate database Vizzda.
The 98,000-square-foot retail property, which was originally built in 1986 on the southwest corner of Warner Road and McClintock Drive in Tempe and last renovated in 2017, was acquired by Cobblestone Center LLC, which is connected to investor Pete Coury. The property was sold by AP Capital.
• Dynalectric Arizona, the Arizona division of Dynalectric Co., has opened a new electrical services and off-site fabrication facility in the Gateway Area of Mesa.
The company, which is part of EMCOR Group Inc., said the new facility at 9029 East Peterson Avenue will significantly help it expand its capabilities in the region and will compensate for supply chain challenges in the construction industry.
“Our organization is very excited about this location,” said Dorin Nicorici, President and CEO of Dynalectric Arizona. “This is a wonderful opportunity to expand our operations throughout the Southwest and to play a role in helping the region continue to thrive.”
Dynalectric Arizona says it provides electrical services and systems for health care, commercial, mission critical and other markets.
The new location has a fabrication shop with more than 180,000 square feet of warehouse space. The team there includes experienced managers, craftspeople, technical specialists and automation experts, the company said.
• A nearly 115,000-square-foot industrial building has been proposed for a site located in Surprise along Grand Avenue.
Recently, a site plan for the project was presented to the city’s planning and zoning commission for a rezoning, which was approved by the commission in July. The property is on 7 acres near Dysart and Bell roads.
The site plan was submitted by Lauren Proper Potter of Huellmantel & Affiliates, while city documents list the owner as Widewaters Lowers Burrell Co. LLC, an entity connected to New York-based real estate firm The Widewaters Group. The architect is Ware Malcomb.
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