Tag Archives: joint venture

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McCarthy, Sundt JV awarded $120M Ocotillo Water facility project

A joint venture between McCarthy Building Companies Inc. and Sundt Construction Inc. was recently selected as general contractor for the $120 million Ocotillo Water Reclamation Facility(OWRF) Expansion and Process Improvement Projects for the City of Chandler. The project includes $100 million in new construction and $20 million in upgrades to the existing plant.

Located near the southwest corner of Queen Creek and Price roads in Chandler, the OWRF expansion project will include upgrades to the existing 10-mgd wastewater treatment plant and the construction of an expansion facility that will be built for a future capacity of 30-mgd. The new facility will utilize membrane bioreactor technology (MBR), which is the combination of activated sludge treatment together with a separation of the biological sludge by micro- or ultra-filtration membranes. The technology allows for a smaller footprint and reduced sludge production.

For years, the 10-mgd OWRF plant has been considered an innovator, as it recycles all its treated water. The water isplaced in storage lakes, recharged to the aquifer, sent to an industrial user or sent to an adjacent Indian community for agricultural use. It was named Wastewater Treatment Plant of the Year by the Arizona Water Association in 2010.

“We anticipate that this new facility will meet the growth needs for the City of Chandler well into the future,” said Frank Scopetti, senior vice president and business unit leader of McCarthy’s Water Services and Infrastructure team. “The expanded plant will also improve operations and maintenance of the existing10-mgd plant.”

“This is an important project for Chandler and will ensure our continued ability to serve our residential, business and industrial customers using state-of-the-art technology that helps conserve our valuable water resources,” Chandler’s Municipal Utilities Department Director Dave Siegel said. “McCarthy and Sundt have been great partners in the past and we look forward to working with them on this project.”

The project is expected to begin in January 2015 and be completed in December 2017.

McCarthy recently completed a large-scale expansion project at the City of Chandler Airport Water Reclamation Facility, taking the facility from a 15-mgd wastewater treatment plant to 22-mgd. The $105 million project, located at 905 E. Queen Creek Road in Chandler, was awarded a STAR designation as part of the Arizona Division of Occupational Safety and Health’s Voluntary Protection Program, which demonstrates exemplary and comprehensive safety and health management systems.

In addition to McCarthy’s work for the City of Chandler, the company has a number of other significant water/wastewater treatment plant projects underway in Arizona, Texas, Colorado, Nevada and California. Nationally, McCarthy’s Water Services team has completed more than 50 water/wastewater projects, totaling more than $2.4 billion in value.

Harvard-LPC-Riverview, WEB

Harvard, LPC partner on final Riverview Point phase

Harvard Investments announced today that it will partner with Lincoln Property Company (LPC) to develop the second and final phase of Riverview Point, a Class-A office project directly adjacent to the 250-acre Mesa Riverview mixed-use property in Phoenix’s booming Southeast Valley.

Harvard Investments purchased the 19.55-acre land parcel for the new project from Montana Avenue Capital this week. In conjunction with LPC, Harvard Investments will build two new, Class A office buildings on the site: a three-story, 150,000-square-foot building and a two-story, 105,000-square-foot building. LPC will direct development of the project. It will also market the opportunity to build-to-suit prospects and anchor tenants.

“This project represents all of the things that make the Southeast Valley so exceptional–retail, dining, entertainment, and corporate environments, all linked by some of the state’s best educational assets and busiest transportation corridors,” said Harvard Investments President Craig Krumwiede. “These are key elements in an investment project, and they are what will make this property a strategic opportunity for companies looking for that next great address.”

“We’re operating within an area that continues to show—and grow—its ability to attract amenity-driven office tenants and make a positive, notable impact on greater Phoenix’s economic recovery,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “This project will be no exception. Its timing and location are perfect for a development that will anchor this market for years to come.”

Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, brokered the land transaction and will assist with the project’s marketing and leasing efforts. The Davis Experience serves as the project architect and Wespac Construction serves as the general contractor.

“We are very excited to work with Harvard and Lincoln on this new endeavor,” said Carder. “Momentum and demand for large blocks of Class A office space have returned to the office sector in force, and along with it great opportunity to create exceptional next-generation business environments.”

The new Harvard-LPC development is located on the borders of Mesa, Tempe and Scottsdale, just six miles east of Phoenix Sky Harbor International Airport and accessed via Loop 101 at Rio Salado Parkway and via two full-diamond interchanges along the Loop 202 at Dobson and Alma School roads. It is directly east of Mesa Riverview, a 1.3 million-square-foot retail, hospitality and entertainment complex. It is also less than one mile from the new Cubs Spring Training Facility and the newly reconfigured Riverview Park, which includes an innovative playground, six-acre lake and pedestrian path that connects the park and lake to the stadium.

When completed, the new Harvard-LPC office buildings will join an existing Hyatt Place Hotel, two existing, two-story office buildings that are approaching 90 percent occupancy, and a planned 180-room, luxury brand Sheraton Hotel scheduled to open in March 2015 and including amenities such as full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.

homes

Taylor Morrison in Joint Venture to Acquire Marblehead

Taylor Morrison Home Corporation announced that it has formed a joint venture with its two largest shareholders, funds managed by Oaktree Capital Management, L.P. and TPG to acquire and develop Marblehead, a prestigious coastal residential development in San Clemente, California. Marblehead consists of 195.5 coastal acres and can accommodate over 300 luxury home sites.

The joint venture partners have entered into a purchase and sale agreement for the Marblehead site with LV Marblehead, a subsidiary owned by Lehman Brothers Holdings Inc. The acquisition of the site, which is subject to customary closing conditions, is expected to occur in April 2014. Home construction in the community is expected to begin in 2015.

A subsidiary of Taylor Morrison and affiliates of Oaktree and TPG will each be capital partners in the joint venture. In addition, Taylor Morrison is the partner responsible for land development and homebuilding on the Marblehead site.

“Marblehead is a truly unique site and one of the last undeveloped tracts of coastal land in California. It presents a tremendous opportunity that will deepen our land inventory of exceptional sites and further our standard of building high-quality homes in premier locations across North America,” said Sheryl Palmer, President and CEO of Taylor Morrison. “For Taylor Morrison, this venture reflects our objectives of strategically utilizing our strong balance sheet, selectively investing in our land portfolio to meet future demand and providing continued returns for our shareholders.”

“Taylor Morrison is excited to partner with long-time investors Oaktree and TPG on such an important and landmark endeavor like Marblehead. Oaktree and TPG’s continued investment in Taylor Morrison showcases their confidence in our long-term vision, and we are delighted to further expand our relationship through this joint venture,” Palmer concluded.

Jason Keller of Oaktree stated, “Oaktree is always looking for premier real estate opportunities with first class partners. Our long-standing relationship with TPG and our belief that Taylor Morrison is the right developer and builder to execute on this remarkable site, makes this the perfect fit.”

Jamie Sholem of TPG Real Estate stated, “This transaction highlights Taylor Morrison’s ability to execute quality investments while leveraging existing relationships. TPG is fortunate to have great partners in Oaktree and Taylor Morrison, and we look forward to the development of this truly unique coastal California site.”

Headquartered in Scottsdale, Taylor Morrison Home Corporation operates in the U.S. under the Taylor Morrison and Darling Homes brands and in Canada under the Monarch brand. Taylor Morrison is a builder and developer of single-family detached and attached homes, serving a wide array of customers including first-time, move-up, luxury and active adult customers. Taylor Morrison divisions operate in Arizona, California, Colorado, Florida and Texas. Darling Homes serves move-up and luxury homebuyers in Texas. Monarch, Canada’s oldest homebuilder, builds homes for first-time and move-up buyers in Toronto and Ottawa as well as high rise condominiums in Toronto.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

128-Unit Senior Housing Community Comes to Ahwatukee

Investment Property Associates, LLC (IPA) and Retirement Community Specialists (RCS) have partnered for a second time to develop a senior living community in Ahwatukee near the southwest corner of Chandler Boulevard and 50th Street.  The 8-acre site of the planned senior community is part of a 35-acre mixed-use parcel acquired by IPA in 2012.

The senior housing community, called “Generations at Ahwatukee,” is designed to be 160,000 square feet and to provide 128 total units.  The community will be licensed by the State of Arizona as an assisted living and directed care community and will offer independent living, assisted living and memory care.  The community will be operated by Retirement Community Specialists (RCS), a senior living management company based in Ahwatukee since 1998 and in the Phoenix area for over 25 years.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

“We are thrilled to bring senior living to Ahwatukee where RCS has been a member of the business community for over 15 years,” said RCS President Eric Johnston.  “As a resident of Ahwatukee for more than 20 years, it is rewarding to be able to provide residents and their family members with quality senior living options, right in the neighborhood.”

The unit mix includes studio, one-bedroom and two-bedroom apartment styles as expansive as 1,150 square feet, and many unit styles will feature private balconies or patios. The community will offer an array of amenities that promote freedom from everyday burdens for residents to enjoy their interests and quality time with friends and family.  Current plans include a theater, fitness center, library, salon/barber shop, pool, community gardens, activity centers and restaurant-style dining rooms.

Generations at Ahwatukee will be situated to the north of the 402-unit, Liv Ahwatukee, one of IPA’s premier multifamily residential communities scheduled to open this summer.  Senior living fits well within IPA’s multigenerational vision of neighborhood.

“Generations at Ahwatukee will be a sister property to Generations at Agritopia, which is a senior living community that IPA and RCS own and operate in the literal center of the thriving community of Agritopia in Gilbert,” says Scott Brooks, a partner at IPA. “We strongly believe in the thoughtful design of multi-generational communities where people of all ages can interact with and enjoy each other. With Generations at Ahwatukee positioned next door to Liv Ahwatukee, our Generations residents can still very much be in the center of life’s action while also enjoying the high-level amenities and services they desire and expect from a premier senior living community.”

The Generations at Ahwatukee site is fully entitled and IPA expects to break ground in the fall. IPA has developed senior care communities in other markets; this will be the company’s second senior living development in Phoenix. MC Clark-Wayland Builders of Scottsdale, Ariz. will serve as the General Contractor.  Architectural services are provided by Todd & Associates of Phoenix and Thoma-Holec of Mesa, Ariz. will provide the interior design.

43rdAvenueLogisticsCenter, WEB

HFF secures joint venture equity for industrial acquisition

HFF announced today that it has secured joint venture equity for the acquisition of 43rd Avenue Logistics Center, a new state-of-the-art, 394,775-square-foot industrial facility located in Phoenix.

HFF worked on behalf of the buyer, Cohen Asset Management, in arranging the joint venture equity in an off market transaction. Equity proceeds were used to purchase the property.

The 43rd Avenue Logistics Center is located in the southwest Phoenix industrial area, a warehouse district popular with large and smaller scale distribution and manufacturing companies. The property has rail access and is situated close to Interstates 10 and 17 as well as State Routes 143, 101, 202 and 303. Completed in 2013, the property is LEED certified and was developed jointly with a local prominent developer and a regional bank that had previously foreclosed on the site.

The HFF team representing Cohen Asset Management was led by senior managing director Paul Brindley senior managing director Wally Reid and associate director Jeff Sause.

Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm. Established in 1992 and strategically headquartered in Southern California with a regional office in northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.

Talking Rock Ranch Compound, Land Advisors

Joint Venture to Expand Talking Rock in Prescott

The Scottsdale-based firm Land Advisors Resort Solutions, which is a division of the Land Advisors Organization, recently facilitated a joint venture partnership in Prescott.

The venture is between Talking Rock’s existing developer, Harvard Investments, and a new development and equity partner, The True Life Companies of San Ramon, Calif., to further the expansion of the community, its building program and new amenities as part of a long term development strategy. Talking Rock is a fully-amenitized, award winning golf course community originally developed by Talking Rock Land, LLC, an entity of Scottsdale-based Harvard Investments. The current real estate offering at Talking Rock includes custom homesites, custom homes, low maintenance Ranch Cottages and new model homes by Geoffrey Edmunds. True Life Companies plans to increase new home construction, new model home designs and new golf course custom homesite releases over the next 24 months.

Ben Jenkins, principal of LARS, said the recent transaction represent the firm’s diverse resort community asset brokerage and resort retail sales and marketing services.

Under the leadership of Jenkins, Land Advisors Resort Solutions has generated more than $50M in resort real estate sales since 2012. The firm’s roster of national clients include FireRock Country Club in Fountain Hills, Ariz.; Quintero Golf and Country Club in Peoria, Ariz.; Cornerstone Club near Telluride, CO; Victory Ranch in Kamas, Utah; Black Rock in Coeur d’Alene, Idaho; Hale Mua in Maui, Hawaii; KIP Lake Keowee near Greenville, SC; and Boot Ranch in Fredericksburg, TX.

blue-dna-istock_000005649360small-step-32

International Genomics Consortium forms joint venture with Michigan

As a key step toward providing patients with treatments based on their own DNA profiles, the International Genomics Consortium (IGC) and the University of Michigan have launched a new joint venture that will help usher in an age of personalized medicine.

Called Paradigm, the new nonprofit company brings together the expertise of IGC and the U-M Health System, two leaders in using genetic information to understand and treat disease.

Beginning with cancer and then extending into other disease groups, Paradigm will offer doctors and health care organizations anywhere access to whole gene and multi-gene sequencing and molecular diagnostics.  The company will also help support clinical trials at UMHS and other healthcare systems.

Paradigm is being formed under the Michigan Health Corporation, the part of UMHS that enables outside partnerships. The company will have a presence in Phoenix and Ann Arbor.

“Paradigm builds on our ever-increasing understanding of the interplay of multiple disease-causing genes and how this affects sensitivity to specific treatment regimens,” says Robert Penny, M.D., Ph.D., the chief executive officer and co-founder of Paradigm and IGC, which was formed by veteran genetic researchers and played a key role in compiling The Cancer Genome Atlas, a catalog of genes known to be involved in cancer. “We will bring our expertise to bear to create true personalized medicine options for clinicians and their patients.”

“We’re thrilled to take this important step that allows us to harness the power of genetic information to guide patient therapy and improve outcomes,” says Jay Hess, M.D. Ph.D., M.H.S.A.,chair of the Department of Pathology at the U-M Medical School and a co-founder of Paradigm. “IGC has a proven track record of bringing molecular diagnostics to market, yet shares our nonprofit patient-focused vision.”

“Through this new venture, we will continue our leadership role supporting and translating cutting edge medical research to improve patient care,” said David Mallery, J.D., M.B.A., the president and co-founder of Paradigm and IGC.

Initially, Paradigm will focus on offering services to oncologists and oncology groups, pathologists, academic medical centers and clinical trial groups studying personalized medicine regimens. Its first products will be especially of use in better tailoring treatments for cancer patients.

“The International Genomics Consortium played a pivotal role in ushering in Arizona’s bioscience initiative in 2002 and has continued to be a leader in the industry. Over the years, IGC has provided Arizona with federal research grants, successful commercial ventures, and high-quality jobs while contributing to the advancement of human medicine,” said Jack B. Jewett, president and CEO of the Flinn Foundation.  “This collaboration among two outstanding national institutions demonstrates Arizona’s leadership in molecular medicine and is a testament to both IGC’s and Arizona’s stature in the biosciences nationally.”

“With the University of Michigan Health System as our partner in Paradigm, IGC strengthens its revolutionary role in gene-based research, making our country more competitive internationally and keeping Maricopa County at the forefront of personalized medicine,” said Richard Mallery, Founding Chair of IGC.

power center

Cole Real Estate Investments And RED Development Acquire Macerich's Interest In Arizona Power Centers

Cole Real Estate Investments and RED Development today announced the acquisition of Macerich’s interests in two retail power centers located in Chandler.

In a related transaction, Cole acquired 100% ownership of a third power center in Gilbert. The transaction value for all three properties is $100.55M.

As part of an ongoing joint venture, Phoenix-based partners Cole and RED Development are acquiring Macerich’s 50% ownership interests in the Chandler Festival and Chandler Village Center for $31M and $14.8M, respectively, for a total purchase price of $45.8M. RED will serve as onsite property manager and leasing agent for both properties.

Additionally, Cole is acquiring 100% ownership of SanTan Marketplace in Gilbert for $54.8M from Macerich and its investment partner. RED will also act as the leasing agent on this shopping center, while Cole will handle day-to-day property management.

All three assets are considered premier “power” shopping centers within the Southeast Valley submarket, and boast numerous creditworthy tenants with long-term leases.

“These power centers are all primary retail destinations in the Southeast Phoenix trade area and capitalize on the synergy and traffic of nearby regional malls,” said Thomas W. Roberts, executive vice president and head of real estate investments at Cole. “Each of these properties is anchored by nationally recognized, creditworthy retailers contributing solid fundamentals to our portfolio of core retail assets.”

“We are pleased to grow our portfolio to include Chandler Festival and Chandler Village Center, two high-quality, high-performing assets located in a very strong market where RED has developed three retail properties,” said Mike Ebert, managing partner at RED. “We look forward to applying RED’s extensive leasing, management, development and marketing experience to position both assets for future success as we continue to investigate similar acquisition opportunities as part of our joint venture.”

Cole was represented internally by Chuck Vogel, senior vice president, real estate joint ventures, and Clint Marchuk, senior director of acquisitions. RED was represented by Barry Shannahan, vice president of acquisition and development at the firm.

The Cole-RED joint venture, announced in September 2011, brings together Cole’s conservative investment strategy and capital markets access, with RED’s industry-leading in-house leasing, management and development capabilities. The primary acquisition target is high-quality, multi-tenant retail properties, including power centers and grocery-anchored shopping centers, with upside potential through the implementation of asset management and capital improvement programs to reposition the properties and maximize operational efficiencies. The joint venture of the two Phoenix-based firms is targeting investments in the $15M to $100M range, primarily in the Midwest and Western United States.