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CBRE Facilitates JV Acquisition of 21.39 Acres of Multi-Family Land in Chandler

 

CBRE assisted in structuring a joint-venture partnership on two multi-family parcels  near Intel’s Fab Plant in Chandler.

The sites, which total 21.39 acres, are east of Dobson Road, with one located at the corner of Price Road and Dobson, and the other north of Market Place.

Dave Headstream, Jason Hyams and Mike Ratliff of CBRE’s Phoenix office represented P.B. Bell of Scottsdale and assisted it in structuring the transaction. The value was not disclosed. Its joint-venture/co-developer partner, Gilbane Development Company, acquired both parcels in May 2005.

Located within the Ocotillo master-planned community, the sites are next to two of the metro area’s major employers, Intel and Orbital Sciences, and other research, technology and financial services firms.

Its location also places the land minutes from restaurants, shopping, lodging and recreation venues, including Chandler Fashion Center and Downtown Ocotillo, and the Loop 101 and 202 freeways, offering area residents easy access to many parts of the Valley via its connected highway system.

The joint-venture partners plan to break ground on a 389-unit multi-family community called Almeria at Ocotillo in 1Q 2013.

 

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Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.