PHOENIX, ARIZONA – Holualoa Companies has purchased a prominent office park in the Camelback Corridor with plans to renovate and rebrand it.

The firm has purchased Park One, a 217,433-square-foot office property located on 12 acres on east Highland Avenue with attractive open space including a two-acre lake, in a $50.1 million transaction from Dallas-based Velocis, a private equity fund manager. Built in the mid-1980s, the site includes four-story and two-story office buildings, a freestanding, high-visibility 7,544-square-foot restaurant building, and expansive outdoor landscaped spaces.

The project will be rebranded as WaterView, and Holualoa plans extensive improvements to make it a highly competitive Class A office project, including remodeling its vacant suites to provide modern, move-in ready offices for companies looking to move quickly into the market. Its location in the Camelback Corridor has already led to a vibrant tenant mix.

Recent investments to the buildings include: upgraded lobbies, corridors, bathrooms, elevator cabs, as well as the addition of an on-site café, fitness center, tenant lounge, and conference center. The buildings also feature modern lighting and ceiling systems in tenant suites and common areas, new air filtration systems, and EV charging stations. Holualoa plans to further improve the common areas to create collaborative outdoor amenities and workspaces to take advantage of the existing two-acre lake that is the centerpiece of the project.

Holualoa Companies is no stranger to the area, having developed the Class A Camelback Collective office and AC Hotel by Marriott Phoenix Biltmore project in 2018 and having owned many other office buildings in the Camelback Corridor over its 35+ years in the market.

The purchase continues a trend of high-profile transactions that Holualoa Companies has executed in recent months despite the economic conditions created by the pandemic. The company also announced several other transactions over the past year.

“We see a tremendous opportunity with this property to refresh and reposition it for a very competitive office market in the Camelback Corridor,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “WaterView already enjoys a strong tenant base and has some distinctive features that make it an ideal office location for companies looking to locate in this area. We look forward to seeing the property achieve its full potential and are excited about its prospects moving forward.”

The team from Cushman and Wakefield, including Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover, handled the sale of the property. Andrew Cheney and Colton Trauter of Lee & Associates manage leasing for the property.

FREMONT, Calif. – DAUM Commercial Real Estate Services has directed the acquisition of two fully-leased industrial properties totaling 208,180 square feet in the San Francisco East Bay submarket of Fremont, California, on behalf of the buyer, CenterPoint Properties.

This acquisition is part of CenterPoint’s continued strategic expansion of its Bay Area footprint, according to Jordan Lara, Executive Vice President and Principal at DAUM and member of Lara Team, who represented the buyer in the transaction.

“We have formed a deep relationship with our client over several years, which has allowed us to be a trusted partner in identifying, evaluating, and negotiating strategic additions to their industrial investment portfolio,” explains Lara. “This off-market transaction was a true collaboration between CenterPoint, the seller, and Lara Team.”

Many solid fundamentals made the opportunity to acquire this well-located asset highly appealing, Lara notes.

“The layout and size of these buildings, situated on 13.69 acres of land, are irreplaceable in the submarket, which is seeing some of the highest demand and leasing activity in the Bay Area,” says Lara. “Strong in-place occupancy from two tenants presents a solid, cash-flowing asset in a booming location poised for future growth as it continues to attract major companies in the tech, distribution, and life science industries.”

According to Lara, cooperation from all parties, as well as his team’s ability to provide the background for the deal and assist throughout the transaction process ensured a timely, successful close.

The asset’s attractive features include a warehouse with 28’ clear height and fully-secured site. The property is located at 41099 Boyce Road in Fremont, California, 94538.

TUCSON, ARIZONA – In their first meeting of 2022, the Rio Nuevo Board welcomed new board member Mike Levin, and unanimously approved entertaining an additional investment in the Hotel Congress. The Board also held the election of their executive officers.

This investment into the Hotel Congress would be used to help complete a state-of-the-art jazz bar called “The Century Room”, that will feature local & national musical acts, ancestral small batch mezcal, craft cocktails, and regional beer & wine. Musicians are already booked to perform starting in February when the club is planned to open.

“It’s already being considered the premiere jazz club in the southwest United States, and we’re not even open,” said Richard Oseran, owner at Hotel Congress.

Formerly the Copper Hall banquet facility, this new jazz club has undergone $150,000 in sound abatement including windowpanes and shuttering to ensure the acoustics will be of the highest quality.

“We’re now on the radar with New Orleans and Telluride for jazz,” said Chairman McCusker.

In addition to an exciting new jazz club, Hotel Congress, with the support of Rio Nuevo, has been able to update their patio by adding a shaded area and misters to comfortably reach a 700-person capacity. With these upgrades, the Hotel Congress is hosting more than 900 events per year and bringing economic investment into downtown.

Additionally, the Board reaffirmed their executive officer positions and added Board member Edmund Marquez as Secretary. Executive officers were elected as follows:

• Fletcher McCusker – Chair
• Mark Irvin – Vice Chair
• Chris Sheafe – Treasurer
• Edmund Marquez – Secretary