Proximity to Light Rail and Local Amenities Drive Enthusiasm for Mixed-Use Community

Phoenix,  Arizona —  A partnership of Ryan Companies, Tilton Development Company and Hunt Investment Company has purchased 1.565 acres at the northeast corner of Willetta and Central avenues for development of a mixed-use residential and office project.

The property, which is located just north of the Burton Barr Library and across the street from The Spaghetti Company and CVS Pharmacy, was purchased for a price of $4.5 million ($66 PSF).

“This site is extremely well located for a residential development,” says Chaz Smith, senior vice president with Colliers International in Greater Phoenix. “The dynamic transformation of Downtown and Midtown has created a new focus on life in the central city.  This property’s proximity to light rail and walking distance to restaurants and cultural venues creates great appeal for future residents and office tenants.”

Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer in the transaction.  Dave Headstream of CBRE represented the seller, Soave Management of Detroit.

The development partnership has plans to create 227 residential units and two creative office units at the location.  Site work is currently underway and vertical construction is scheduled to begin this summer.

 

TUCSON, Ariz.— Ryan Companies US, Inc., Diamond Ventures, one of the leading real estate development and investment companies in the southwest, and elected officials gathered Thursday for the groundbreaking of a 56,000-square-foot new retail pad with three stores at Houghton Town Center: Ross Dress for Less®, T.J. Maxx® and Petco®.

Elected officials attending included City of Tucson Mayor Jonathan Rothschild, Ward 4 Council Member Shirley Scott, and newly-elected Pima County District 4 Supervisor Steve Christy.

Mayor Rothschild welcomed Ryan Companies and spoke proudly about some of the other new developments in the area. The recently completed Houghton Road widening project and the recently announced Raytheon expansion of 1,900 jobs nearby at the UA Tech Center. Also La Estancia, a 2,500-lot masterplan community at I-10 between Kolb Road and Wilmot Road, under development by Sunbelt Holdings, that opened last April with Meritage Homes under construction with 195-homes there.

Ross, T.J. Maxx and Petco will open by fall of 2017 at the 60+ acre community shopping center, at the southwest corner of Old Vail Road and Houghton, which caters to the residents of Rita Ranch, Vail and Corona de Tucson.  The three new stores will be next door to one another and directly east of the 99,000-square-foot Walmart Super Center that opened in 2013.

“We have partnered with Ryan to add these retailers to the development and we believe that it’s a win for all involved,” said Bill Kelley, CFO of Diamond Ventures. “The city of Tucson was very instrumental in getting this approved expeditiously, so that the development and construction timelines agreed to by Ryan could be met.”

Ryan is the owner, developer and general contractor of this $6 million retail project at Houghton Town Center in Southeast Tucson and purchased the 6.13 acres for $1.98 million ($7.39PSF).

Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder and real estate manager specializing in fully integrated solutions for over 75 years.

“Our team is eager to further enhance the amenities at Houghton Town Center and look forward to continued growth in Tucson,” said John Strittmatter, Chairman/Southwest, Ryan Companies US, Inc.

No brokers were involved in the land sale. Shannon Murphy in-house broker with Diamond Ventures represented the tenant in the transaction and should be reached at 520.577.0200.

To learn more, see RED Comps #4210 and 4386.

PHOENIX, AZ – Bob Mulhern, Senior Managing Director at Collier’s International, was honored with the Award of Excellence at the 2015 Best of NAIOP last week at the Arizona Biltmore.

NAIOP member since 1994, Mulhern served on the Arizona Board of Directors for 14 years, including stints as president and chairman in 1996. He is currently chair of the education committee. In 1996, he moved NAIOP to a strategy of big events, beginning with a golf tournament that year. It has since grown to be one of the most sought-after tickets on the calendar.  

NAIOP Arizona’s Award of Excellence, formerly the Lifetime Achievement Award, is awarded by the Arizona Chapter Board of Directors on an annual basis at the Best of NAIOP event.  The criteria for the recipient is an individual who has made a significant, positive impact on the office and industrial commercial real estate market in Arizona over a period of no less than 15 years, as well as their direct volunteer contribution to the chapter.

As NAIOP Arizona celebrated its 30^th year, it was a big night for repeat winners. Ryan Companies US took home its fourth straight Best of NAIOP award for Firm of the Year and third straight award for General Contractor of the Year. Butler Design Group was named Architect of the Year for the fourth straight time and CBRE (Brokerage Firm of the Year) won for the second straight time.

In the brokerage awards, repeat winners were Pat Williams, JLL, Tenant Rep Broker of the Year; Kate Morris and Vince Femiano, CBRE, Healthcare Brokers of the Year; and Chris Toci, Cushman & Wakefield, Investment Broker of the Year.

Phoenix-based ViaWest Group took home two honors: Owner/Developer of the Year, and Transaction of the Year, Biltmore Financial Center. Talk of the Town Award went to Marina Heights, Building 500.

The event was sponsored by NAIOP Arizona. More than 950 commercial real estate professionals attended.

The 2015 Best of NAIOP winners:

Owner/Developer of the Year: ViaWest Group

NAIOP Firm of the Year: Ryan Companies US, Inc.

Architect of the Year: Butler Design Group

Interior Architect of the Year: RSP Architects

General Contractor of the Year: Ryan Companies US, Inc.

Tenant Improvement Contractor of the Year: Ryan Companies US, Inc.

Office Broker of the Year: Todd Noel, Keith Lambeth & Ryan Timpani, Colliers International

Industrial Broker of the Year: Pat Feeney, Dan Calihan & Rusty Kennedy, CBRE

Retail Broker of the Year: Joe Doucett, NGKF

Investment Broker of the Year: Chris Toci, Cushman & Wakefield

Healthcare Broker of the Year: Kate Morris & Vince Femiano, CBRE

Tenant Representative Broker of the Year: Pat Williams, JLL

Emerging Broker of the Year: Cooper Fratt, CBRE

Rookie Broker of the Year: Michael Strittmatter, CBRE

Industrial Build-to-Suit of the Year: Shutterfly at Discovery Business Campus

Industrial Tenant Improvement of the Year: Stone Creek Furniture

Office Build-to-Suit of the Year: DriveTime Corporate Headquarters, Liberty Center at Rio Salado and Marina Heights, Building 500

Office Tenant Improvement of the Year (75K SF or Less): Mobile Mini Headquarter & Call Center

Office Tenant Improvement of the Year (75K SF or More): Marina Heights, Building 500

LEED Certified Project of the Year: Liberty Center at Rio Salado

Medical Office Project of the Year: Friendship House at Royal Oaks Memory Care

Mixed-Use Project of the Year: Aspen Place

Retail Adaptive/Re-Use Project of the Year: The Yard at the Farmer Arts District

Redevelopment Project of the Year: The Scheduling Institute

Spec Industrial Project of the Year: 10 West Logistics Center

Spec Office Project of the Year: Hayden Ferry Lakeside III

Transaction of the Year: Biltmore Financial Center

Award of Excellence: Bob Mulhern, Colliers International

Brokerage House of the Year: CBRE

Developing Leader of the Year: Ashley Hoffman, Layton Construction

Principal Member of the Year: Rick Butler, Butler Design Group

Associate Member of the Year: Eric Wolfe, Chicago Title Agency

Talk of the Town: Marina Heights, Building 500

Sign Sponsor of the Year: Trademark Visual, Inc.