Tag Archives: Kitchell Development

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CBRE completes $65M sale of Parcland Crossing

CBRE has completed the sale of Parcland Crossing, a 383-unit apartment complex located at 800 W. Willis Rd. in Chandler, Ariz. The multifamily community, which sits just south of the 202 Freeway at the northeast corner of Willis and Alma School roads in Chandler, commanded a sale price of $65 million. The property was 93 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Alma School Apartments, LLC, a joint venture between Scottsdale-based Mark-Taylor, Inc. and Phoenix-based Kitchell Development Co. The buyer was PrivatePortfolio Group, LLC of Seattle, Wa.

Parcland Crossing is an extremely well-located asset. Population growth for the one-mile radius around Parcland Crossing has averaged 5.5 percent in the past three years and is projected to increase by almost 9 percent in the next five years,” said CBRE’s Cunningham. “The exploding population in the area has led to pent-up demand for housing and resulted in an incredibly brisk pace of lease-up activity at Parcland Crossing.”

Parcland Crossing is located in the heart of Chandler’s employment hub. The apartment community is located within a five mile radius of two Intel campuses, Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC, and Avnet.

Built in 2013, Parcland Crossing features state-of-the-art one-, two- and three-bedroom units in ten floor plans. Community amenities include an elegant entry with controlled-access gate, a designer resident clubhouse, a resort-style swimming area, garage parking, 24-hour fitness center, resident business center, shaded children’s playground, a dog park, and a picnic area with gas barbeque grills.

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Dick’s Sporting Goods To Open At Prescott Valley Crossroads

 

Dick’s Sporting Goods has signed a lease for a location at Prescott Valley Crossroads, the first location for the company in Northern Arizona. It is a Kitchell Development project.

Located at State Highway 69 and Sundog Ranch Rd., the new location is 85 miles north of Phoenix in a growing area that caters year-round to tourists and the expansive population of Prescott Valley, Prescott and surrounding northern Arizona communities.

Construction of the freestanding store will begin this spring with anticipated opening during the fourth quarter of 2013.

Prescott Valley Crossroads is an 800,000 SF power center offering one of the last premier locations in the area for large tenants. Other anchor tenants are Sam’s Club, Home Depot, Hobby Lobby and Dollar Tree.

Dick’s Sporting Goods kicks off Phase II build-out of the project, which opened in the summer of 2008.

Kitchell Development, part of the Kitchell family of companies, is a full-service developer offering construction and property management services with specialties in retail, office, industrial and multi-family development.

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Mark-Taylor Capital, Kitchell Development Complete Joint Venture Land Purchase in Tempe

 

Mark-Taylor Capital in joint venture with Kitchell Development Company assembled and purchased ±30 acres in Tempe, south of the SWC of Warner Rd. and Priest Dr.

Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley Arizona’s Land Group represented the buyer during the two sales transactions that totaled $11.2M.

Mark-Taylor and Kitchell are developing San Sonoma, a 590-unit multi-family community to be built in two phases.

Construction is expected to begin this summer on Phase 1.

“Mark-Taylor has been a great partner in Tempe for many years and we are excited for this new development, San Sonoma,” Tempe Mayor Mark Mitchell said. “Their collaboration with Kitchell is a perfect fit for Tempe and this area of town.”

The land assemblage included a ±14.75-acre parcel that was purchased in December 2012 for $5.4M from Anglin Family LP and Anglin Family Trust of Queen Creek and a ±14.15-acre parcel that closed March 1 for $5.8M in a purchase from private land owner Lexi Siegal. The owners represented themselves during the sale.