17 Three Hundred at Perimeter Center Scheduled for Completion in October 2019

PHOENIX, AZ  — Irgens – Phoenix has announced the groundbreaking of its newest development, 17 Three Hundred at Perimeter Center.  The two-story, Class A office building, which is located at 17300 N. Perimeter Dr. is scheduled for completion in October.

“This project is the second building within the Irgens Perimeter Center project,” says Jason Meszaros, senior vice president and managing regional director of Irgens.  “The building is already attracting substantial tenant interest and we anticipate a fast lease-up.”  Irgens purchased an existing building and the acreage for this second structure in 2015.  After leasing the first building, Irgens sold it to Wan Hai Lines in 2017.  “We are now eager to get this second phase out of the ground and available to the market.  The Perimeter Center is recognized for offering the highest quality of space and the availability of sizable floor plates has diminished.  Pent up demand in the area is ready for some inventory to lease.”

The office and healthcare building will contain approximately 47,322-square-feet of space.  The building will offer extensive glass lines and contemporary horizontal window shades.  Spacious balconies, operable windows and abundant, mature landscaping also will be featured.

“The Scottsdale Airpark submarket finished 2018 with a vacancy rate below 10 percent,” says Meszaros.  “New construction in the area remains extremely limited and our project is poised to offer the Class A space for which this area of Scottsdale is recognized.  The medical industry continues expanding in this area, looking to serve the increasing population moving to North Scottsdale.  Traditional office users also will be attracted to this property because of its finishes and convenience.”

Project Summary:

• Developer:   Irgens Partners, Inc.
• Architect:  Vertical Design Studios
• Contractor: RSG Builders
• Leasing Agents:  Greg Mayer of Cushman & Wakefield

For more information, contact:
Jason Meszaros: 602.682.0200 | [email protected]
Derek Flottum: 602.682.0191 | [email protected]

TUCSON, ARIZONA – An investment group of seven LLCs managed by Steve Grimm of Grimm Commercial has acquired the Fiesta Plaza at the northwest corner of Oracle and River Road in Tucson for $5.3 Million and is planning to bring RoadHouse Cinemas to the site.

The acquisition followed the sale of a ground lease in Marana with a leased fee interest to Village Inn at 5955 W Arizona Pavilions Drive for $2.6 million and was the downleg in the 1031 exchange.

The Fiesta Plaza purchase includes the Red Lobster Restaurant and First Watch Restaurant in addition to three vacant pads. The U-like Buffet was not included.

The plan is to now bring the popular Roadhouse Cinemas to the back pad, Grimm told us. Roadhouse Cinemas has locations at Crossroads Festivals Shopping Center at Grant Road and Swan in Tucson, and two others in Scottsdale and Colorodao Springs.

Open 365 days a year, RoadHouse Cinemas offers an inviting movie and dining experience, with an extraordinary restaurant menu created by an award-winning chef and restaurateur, an impressively creative full bar featuring high quality wines and craft beers, and overwhelmingly comfortable recliners, all to be enjoyed while experiencing state-of-the-art digital projection and 7.1 Dolby Digital Surround Sound!

For additional information Grimm should be reached at 520.323.9752.

To learn more, see RED Comps #6634 and #6641.

Overall $67.6M investment for a total of 236 acres will be marketed as two new communities

CHANDLER, Ariz. –  Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on the purchase of 241 pre-platted homesites on 82 acres in Chandler. Maracay utilized a land banker, Hearthstone, to close the deal. The $24.6 million purchase is in addition to the nearby 160 acres Maracay purchased in Gilbert in 2018, which is currently under development.

This parcel located next to Veterans Oasis Park at Lindsay Road, south of Ocotillo Road, comprises 241 pre-platted homesites acquired from Lindsay 80, LLC, an entity owned by the Berge family. Brian Hanger of Latigo Land & Capital in Chandler brokered the transaction between Randall Blum (REB Limited) on behalf of the Seller and Hearthstone.

Maracay continues to build in the area, in part, due to the recent economic growth in the region. Nearly 5,000 jobs were added in the East Valley during the first half of 2018 and thousands more are expected in 2019 as major employers like Wells Fargo & Co., Deloitte, AllState, Liberty Mutual Insurance and many others build or expand operations in the immediate area.

“This particular region is among the fastest growing in the country, and for good reason. With a thriving job market, top-rated schools, and shopping and dining options available on nearly every corner, home shoppers are increasingly looking to live in East Valley,” said Maracay President Andy Warren. “We’re excited to have completed this assemblage of land and even more excited to bring these communities to life with carefully crafted homes and rich amenities that cater to individuals and families who embrace Arizona’s amazing indoor-outdoor lifestyle.”

The new gated community on this parcel will be marketed as Canopy and will be designed according to the principles of Vatsu Shastra, a traditional system of architecture that integrates nature, functionality, symmetry and directional alignments to create an enhanced living environment. A central paseo and central park will be designed with raised garden beds, ornamental grasses and pergolas to create a sense of serenity for residents and visitors. Other amenities include a pedestrian trail system that will connect the community to Veteran’s Oasis Park with miles of trails, a 7-acre urban fishing lake and a nature center

Homesites will range in size from approximately 6,600 to 9,750 square feet, with many boasting up to 160 feet in depth. The community will feature a mix of one- and two-story homes, ranging from approximately 2,331 to 3,730 square feet. The first phase of the community is expected to open in 2020.

For more information on Maracay, please visit www.MaracayHomes.com.