Cushman & Wakefield Negotiates Lease for Class A, 300-Unit Apartment Community
PHOENIX, Arizona – Cushman & Wakefield announced that The Grand at Papago Park Center leased 6.01 acres to Alliance Residential for Broadstone at The Grand. David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the landlord, Papago Park Center, Inc. of Tempe, Ariz, which is owned by Salt River Project (SRP).
Broadstone at The Grand, located on the northeast corner of Priest Drive and the Loop 202, will offer 300 luxury apartments. Designed by ORB Architects, the community will feature one, four-story building and three, two-story buildings with studios, one-, two- and three-bedroom units ranging from 650 square feet (sf) to 1,400 sf.
“Alliance Residential was attracted to The Grand at Papago Park Center because of its location on Phoenix’s light rail line and its proximity to Downtown Phoenix, Arizona State University, Tempe’s Mill Avenue and Tempe Town Lake,” said David Fogler, Executive Managing Director at Cushman & Wakefield Phoenix.
At build-out, The Grand at Papago Park Center will total more than 3.2-million-square-feet (msf) of commercial development, with more than 2 msf of mixed-use office, including four, nine-story and three, four-story Class A office buildings; three hotels; 550 apartment units; retail and restaurant space. When combined with Papago Park Center’s existing 3.3 msf of mixed-use projects, there will be more than 6.5 msf of urban development and approximately 18,000 employees and residents.
Located along a half-mile of frontage on the Loop 202/Red Mountain Freeway between Priest Road and Center Parkway, The Grand offers pedestrian access to two light rail stations as well as immediate vehicle access to the Loop 202, Phoenix Sky Harbor International Airport and Arizona State University. In addition, restaurants, shopping and entertainment are all nearby at Tempe’s Mill Avenue District. The Grand is also close to Papago Park, Tempe Town Lake, the Phoenix Zoo, Desert Botanical Garden, Phoenix Municipal Stadium and Papago Golf Course.