CASA redevelopment matches Class A modernized office space with community-centric health and wellness amenity package

PHOENIX, Arizona – Phoenix-based commercial real estate investment and operating company George Oliver has unveiled plans for its new CASA redevelopment, a 181,188-square-foot, Class A office building in Phoenix’s booming Uptown neighborhood. Through a $17 million renovation, George Oliver will re-establish CASA from a 1989-built project, previously known as Catalina Terraces, into next-generation modernized office space focused on a strong sense of community, health and wellness.

“This is the first modernized office project of its kind in the metro Phoenix market to put health and wellness at the heart of its design,” said George Oliver Founder and Managing Partner Curt Kremer. “We’ve done our best to listen to the demand drivers of the modern-day tenant and deliver an office space complete with all of the services that today’s businesses need to excel – with equally high-quality wellness amenities that curate personal development and deliver a sense of community.”

The CASA renovations will keep with the building’s Spanish architectural roots, including natural wood elements and smooth stucco finishes, and feature updated modern lobbies, restrooms, an exterior facelift and a fresh new landscape package.

Tenant amenities will include a tenant lounge and café operated by Kaleidoscope Juice and a training center with the ability to host approximately 60 guests. It will also incorporate two centralized courtyards with water features and seating that serve as a hub for relaxation and collaboration, and an on-site co-working facility operated by the ownership and accommodating users ranging from one to 10 desks.

Locally known Kaleidoscope Juice, with locations in downtown Phoenix, downtown Scottsdale and within The Madison and Optima Sonoran Village, will open at CASA in Fall 2019, serving as a hub for “good vibes” and healthy coffee, food and juice options for CASA tenants and guests.

“With its focus on health and wellness, George Oliver’s vision for CASA is a first for Phoenix and runs exactly parallel to our own philosophy,” said Kaleidoscope Juice Founder and CEO Alexandra Maw. “A healthy worker is a more productive worker, and Phoenix is taking the lead in healthy local living, working and eating opportunities. We’re absolutely delighted to take part in this important and innovative redevelopment.”

Additional services at CASA will include a wellness center with a yoga room, brand new fitness center and showers, an on-site meditation room, salon with hair stylist and dog park. The CASA plans also include a two-story dining experience with dedicated food truck parking, climate-controlled space, a shaded outdoor dining area and outdoor games and lounge space.

CASA is located just south of Northern Avenue at 7878 N. 16^th Street in Phoenix, minutes from the deep amenity base of 7^th Street and Piestewa Freeway/Sate Route 51.

“CASA is carving a creative and unparalleled niche in the greater Phoenix office market,” said Ryan Timpani, Executive Vice President of Colliers International in Arizona, who along with Executive Vice President Todd Noel make up the exclusive leasing brokerage team for the CASA project. “Its one-of-a-kind amenities set it apart from the competition as occupiers of space continue to relocate to assets that allow them to attract and retain top talent. With the residential and retail renaissance taking place in the surrounding neighborhood of Uptown Phoenix, CASA is well positioned to lure a diverse and robust tenant base.”

George Oliver purchased the CASA building, previously known as Catalina Terraces, in late 2018 for $16.5 million. Renovations begin in April and will deliver during the third quarter, complete with move-in-ready spec office suites ranging from 2,000 to 8,500 square feet and shell space to accommodate users up to 30,000 square feet.

Arcadia Management will manage the property and staff an on-site concierge. RSG Builders will handle the renovations. Western Alliance Bank is the project lender.

For more information, visit www.uptowncasa.com.

Tempe, Arizona — ORION Investment Real Estate is pleased to announce the sale of a newly constructed, single tenant net leased building in highly sought after Downtown Tempe, Arizona. Property-adjacent is The Local, anchored by well-known Whole Foods Market and offering one-, two-, and three-bedroom apartment floor plans, which venerates everything inspiring about the Tempe community.

Totaling approximately 2,342-square-feet, the property sold at a notable $995 per square foot, or $2,330,000 overall. The tenant is an award winning restaurant, Gadzooks.

Andrew Harrison, Senior Vice President at ORION, represented the Seller – Kobold 505 W University LLC. “The Gadzooks Tempe property was a rare opportunity to purchase a single tenant, quick service restaurant on a long-term lease. Downtown Tempe has very high barriers for entry for this type of retail development. The investor and tenant should reap the benefits from the explosion of multi-family and office development in the immediate area,” noted Harrison. The Buyer, Tempe Commercial LLC, was self-represented.

Gadzooks Enchiladas & Soups is an innovative restaurant who recently won Best Enchiladas in Phoenix New Times Magazine. The lease is an absolute triple net lease with no landlord responsibilities. This is Gadzooks third location.

Award-winning independent and assisted senior living community boasts 97% average occupancy

TUSCON, Ariz. – CBRE announced the sale of The Country Club of La Cholla, a 217-unit independent and assisted living community in Tucson, Ariz. to a Chicago-based senior living private equity fund for $53 million ($244,470 per unit).

Matthew Whitlock of CBRE National Senior Housing, represented the seller, an Irvine, CA-based affiliate of MBK Senior Living. CBRE’s Aron Will arranged for the acquisition financing for the buyer, CPF Living Communities.

The Country Club at La Cholla is a resort-style, full-service senior living community that sits on 10.6 acres at 8700 N. La Cholla Boulevard in Tucson. The award-winning community provides multiple levels of care, restaurant-style dining and a robust resident enrichment program. The amenities include a barber shop, library, piano lounge and a newly-renovated clubhouse.

The 236,466-square-foot property is located near the Omni Tucson National Resort and Golf Course, Foothills Mall, Northwest Medical Center and a variety of restaurants and entertainment venues. The Country Club at La Cholla benefits from its proximity to the AZ-77 Freeway that connects to downtown Tucson. The property averaged 97% occupancy in 2018, and will be managed by Grace Management, a wholly-owned subsidiary and management arm of CPF Living Communities.

“The Country Club at La Cholla is a premier, full-service senior living community in the Tucson area with an appropriate mix of luxury independent living and assisted living units,” said CBRE’s Whitlock. “The transaction represented the sale of a first-class community with high stabilized occupancy by a sophisticated seller, and an acquisition by an extremely knowledgeable buyer capable of recognizing the inherent current value of the community as well as an opportunity to acquire one of Tucson’s premier senior housing communities. The community will no doubt be seamlessly integrated into the buyer’s operational portfolio.”

Investor interest in senior housing remains very strong, with nearly two-thirds of survey respondents expecting to increase the size of their portfolios over the next 12 months, according to a 2018 CBRE research report. Investors appear most interested in the lifestyle-focused segments of senior housing with independent living being identified as the best investment opportunity, followed by assisted living. The active-adult segment also is attracting considerable interest, according to the report.

CBRE National Senior Housing is a fully integrated platform, specializing in investment sales, debt and structured finance, investment banking, and valuation. The team has successfully transacted more than $17 billion in property sales dating back to 1998.