Cushman & Wakefield Negotiates Sale of 258-Unit Apartment Community

PHOENIX, Arizona – Cushman & Wakefield represented Arcadia 4127 Apts, LLC, an entity formed by Denver-based Baron Properties, in the sale of Arcadia 4127. HGI Acquisitions, LLC, an entity formed by Harbor Group International, LLC of Norfolk, Va., purchased the property located at 4127 E. Indian School Road in Phoenix for $40.35 million.

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. Fogler stated, “The buyer was attracted to Arcadia 4127 because of the high level of improvements completed by Baron Properties and because of its location in one of the Phoenix area’s most desirable neighborhoods.”

Arcadia 4127 is a 258-unit fully renovated, garden-style community located in Arcadia. Baron Properties completely upgraded the property, creating a high-quality, affordable living environment in one of Phoenix’s best neighborhoods with immediate access to employment, shopping and dining.

The community offers a mix of one- and two-bedroom floor plans at an average size of 819 square feet. Each apartment features quartz countertops, stainless steel appliances, hardwood-style flooring, under-mount kitchen sinks and select units have views of Camelback Mountain. In addition, Arcadia 4127 offers its residents two swimming pools, outdoor barbecue grills, fire pit, a fitness center, covered parking, gated access, laundry facilities and a dog park.

PHOENIX, Arizona – The capital markets team of Ryan Schubert and Michael Hackett of Cushman & Wakefield, successfully closed the sale of Madison Village Marketplace. Houston-based Weingarten Realty acquired the Safeway anchored shopping center from Phoenix-based Bayless Investment & Trading Company for $20.3 million ($225 PSF).

The 90,264-square-foot retail center, located at the northeast corner of 7th Street and Glendale Avenue in Phoenix, is anchored by a top-performing Safeway which occupies 49,364 sf of the leasable area. Developed in 1997, Madison Village Marketplace is currently 91.3 percent leased with major tenants including Orangetheory Fitness, Sauce Pizza and Wine, Pei Wei Asian Kitchen and Leslie’s Pool Supplies.

Schubert commented, “Madison Village Marketplace was an opportunity to purchase a generational Phoenix neighborhood center that few people thought would ever present itself. It fits perfectly into Weingarten’s local portfolio with a top tier Safeway grocery anchor, huge barriers to entry and immediate upside through lease up and upgrading of the shop tenancy.”

Offices at Chandler Viridian Already Leasing

PHOENIX, Arizona – Hines, the international real estate firm, welcomed two new tenants during the grand opening of the Offices at Chandler Viridian, the tallest multi-tenant office building in Chandler. Stantec, a global engineering, architecture and consulting firm, is consolidating Phoenix-area employees from four Valley offices into one landmark location, marking their third largest U.S. office. Workuity, a coworking firm, is launching its second Arizona location at the Offices of Chandler Viridian. Combined, the two tenants will soon have approximately 375 employees working at the new building.

The Offices at Chandler Viridian is a six-story, Class-A office building with 250,000-square-feet of leasable space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center. The building features a large, open floorplan with 10-foot tall ceilings, a lounge and a large courtyard. Hines developed the project in a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client.

The office building is the capstone to the Chandler Viridian mixed-use project. In 2014, Hines razed Elevation Chandler, an unfinished structure and local eyesore, and launched the mixed-use project.

“Today, Hines, our trusted partners, the City of Chandler and our new tenants, are celebrating the transformation and growth of this site into a vibrant economic engine, now known as Chandler Viridian,” said Chris Anderson, managing director and Arizona leader for Hines. “We are extremely pleased with how the office building, multifamily, hotel, and retail are woven together to create one of Arizona’s premier mixed-use developments. Hines’ corporate hot air balloon took its inaugural regional flight today, further showing our commitment to Arizona.”

Stantec is occupying approximately 22 percent of the building. Team members from the firm’s Water, Buildings, Mining, Transportation, Environmental Services, Community Development, and Corporate Functional Services departments will occupy approximately 51,000-square-feet on the second and third floors of The Offices at Chandler Viridian.

“Our connection to community is an integral part of how we live, work and play at Stantec. This is why we are thrilled that our talented and valued employees can call this amazing Hines project home. We believe this is a perfect location for connectivity to Loop 101 and Loop 202, the Chandler Fashion Center and a nearby hotel, apartment complex and retail,” said Dean Palumbo, senior vice president of Stantec.

Workuity is leasing 19,787-square-feet on the first floor of the Offices at Chandler Viridian to accommodate clients who live in the surrounding area. Workuity expects to begin its operations in the first or second quarter of 2019.

“At Workuity, we don’t take to choosing new locations lightly. Areas that are innovative, creative and supportive of local businesses are precisely where we aim to be. We can’t wait to bring our extraordinary workspaces to Chandler. It’s been a long time coming,” said Dan Kite, CEO of Workuity.

The Offices at Chandler Viridian is integrated into the Chandler Viridian master plan development, a 25-acre mixed-use project which also includes a Cambria hotel & suites, Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall. Also featured in the master plan is a dog park, ¾-mile jogging trail connecting all of the properties, and a large public plaza with high-speed Internet and Wi-Fi – all to enhance the pedestrian experience. In November, Chandler Viridian won Commercial Property Executive Magazine’s 2018 Distinguished Achievement Silver Award for Repositioning/Redevelopment. Hines has worked closely with the City of Chandler to develop Chandler Viridian.

“We couldn’t be more pleased with Hines’ complete transformation of a once desolate eyesore to an economic contributor now known as Chandler Viridian,” said Mayor Kevin Hartke. “This location is home to a thriving hotel, luxury residential, retail and now a six-story office building. We wish them continued success and welcome their new tenants to Chandler.”

Whiting Turner of Phoenix is the general contractor for the Offices at Chandler Viridian. RSP Architects of Minneapolis is designing the building.

The Cushman & Wakefield team of Jerry Roberts and Patrick Boyle are leading the office leasing.