Utah Investor Plans to Complete Renovations of Community in Popular Infill Location

Phoenix, Arizona –  Bridge Investment Group of Salt Lake City has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43,750,000 ($144,000 per unit).  The Utah investor plans to complete modernization of the 304-unit development, which is located in a popular infill area.

“This asset provided a terrific value-add opportunity for investment,” says Cindy Cooke, senior executive vice president of Colliers International in Arizona.  “The property is located adjacent to the recently redeveloped Fiesta District and in an area surrounded by expanding tech companies.  Verona Park was partially updated by the seller and the buyer will benefit from completing renovations in an environment of rising rental rates.”

Bridge Investment Group purchased the property from Millburn Company, also of Salt Lake City.  Cindy Cooke and Brad Cooke of Colliers International of Arizona represented Millburn Company in the transaction and Bridge Investment Group was self-represented.

Verona Park consists of 19 residential buildings totaling 248,224-square-feet.  The community was built in 1981.  The community features one and two-bedroom units averaging 817 square feet each.  Twenty-five of the units have been renovated, leaving the remaining 279 apartments with classic interiors for future upgrading.  Verona Park features a park-like setting with high quality landscaping, as well as a recently renovated clubhouse.

Verona Park is located within a submarket that experienced 9% rent growth in 2018.  The property is situated next door to the Fiesta District, where $425 million has been invested.  The community’s appealing infill location features 18,000 jobs within a one-mile radius.

JLL Granted Leasing Assignment for Development Slated to Open

CHANDLER, ARIZ. — Dallas-based Jackson-Shaw and Las Vegas-based LaPour Partners announce the groundbreaking of Parc Germann, a 224,471-square-foot, two-building urban industrial development in Chandler, Arizona. Building A is located at 2215 E. Germann Road and Building B is located at 2225 E. Germann Road in Chandler.

“The Chandler sub-market is widely appealing to many companies, offering one of the best labor pools in the Phoenix area along with quality housing and amenities,” said Jeff LaPour, president of LaPour Partners. “Parc Germann is a significant development that will meet the growth that is feeding the demand for quality, Class-A, urban industrial space.”

Parc Germann is 224,471-square-feet of Class-A, flexible industrial space, broken down into a 92,261-square-foot Building A and 132,210-square-foot Building B. Each state-of-the-art building features modern, flexible industrial space designed to accommodate office, showroom, manufacturing, distribution, assembly and a variety of other industrial uses. This includes a front-loaded building featuring true dock high space, a full concrete truck court and the ability to have outside storage.

JLL’s Phoenix office will manage the leasing assignment for the development. Executive Vice President Pat Harlan and Vice President Kyle Westfall are serving as the project’s exclusive brokers.

“Parc Germann offers superior, functional industrial space and flexibility in meeting a diverse range of industrial occupant demands,” said Harlan. “The location offers tenants convenient access to both airports, the interstate and major freeways, making anywhere in the valley easily accessible to them.”

Situated on 16 acres in the Chandler Airport Center fronting Germann Road, Parc Germann is strategically located in the Chandler submarket, Arizona’s fastest growing city and the Innovation and Technology Hub of the Southwest. Its prime location offers excellent access to all areas of the valley via Loop 202, which connects to major north-south thoroughfares, as well as proximity to multiple restaurant and retail amenities. The development also is only minutes from Loop 101 and Interstate 10 and is less than 30 minutes away from Sky Harbor International Airport.

Churchill Commercial Capital, Inc. (CCC), has recently funded three permanent loans on three individual flex industrial buildings in the Scottsdale Airpark. The combined loans of $6,850,000 replaced an existing bank note. New funding was provided through one of  CCC’s correspondent life insurance companies The loans featured interest rates in the mid to upper 4%  fixed for 10 years with  25 year maturity and amortization schedules. Each loan was produced on behalf of Churchill Commercial Capital by Craig Hoebing.

Churchill Commercial Capital is a commercial mortgage banking company established in 1994 who has closed over $3.1 billion in loans.  Churchill originates and services loans for its correspondent life insurance companies, and arranges debt and equity investments for owners of commercial and multifamily properties.