Tag Archives: rei

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Aspen Place at the Sawmill project gains momentum

RED Development today announced that its Flagstaff, Ariz. Development, Aspen Place at the Sawmill, recently broke ground on its housing component, Village at Aspen Place. The apartments’ ground breaking follows several high profile openings, lease signings and the announcement of a major transition for one of the development’s main anchor’s, New Frontiers.

New Retail and Expansions for Flagstaff
·      REI opened April 25, 2014 in a 24,000 separate square-foot space on the west side of the property
·      Alliance Bank opened a full-service banking office in June 2014 in a 6,000 square foot space north of REI on the west side of the development
·      Francesca’s will occupy a 1,200 square-foot space and plans to open spring 2015 near Flagstaff Jean Company. Francesca’s is one of the fastest growing specialty retailers and specializes in whimsical and eclectic collections of clothes, handbags, shoes, jewelry and gifts.
·      Eddie Bauer is set to open October 9, 2014 in a 4,700 square foot space. The specialty retailer sells sportswear, outerwear, footwear, gear and accessories for the active outdoor lifestyle.
·      Whole Foods Market (formerly New Frontiers) is ready to serve the needs of the community of Flagstaff with the highest quality natural and organic foods available. Open daily from 8am  to  9pm.
·      Wildflower Bread Company is expanding by an additional 500 square feet bringing their total footprint to more than 4,600 square feet. Increased demand for its artisan breads – baked fresh daily – as well as its healthy options for breakfast, lunch and dinner prompted the growth. The additional square footage allows increased operational opportunities and expanded catering options for the neighborhood-style restaurant and bakery that serves as the only location in Flagstaff.

“RED continues to demonstrate its commitment to Flagstaff and long-term development vision as it brings retail, restaurants and service providers that meet the needs of our community,” said Kevin Burke, city manager for the City of Flagstaff. “It is truly amazing how they have converted an unproductive piece of land in the middle of Flagstaff into a vibrant, live, shop, play development.”

Village at Aspen Place
The luxury apartments are being built just south of the existing Aspen Place retail and will be situated above and adjacent to a new 32,634 square-feet retail section. The one- and two- bedroom apartments are co-developed by VanTrust Real Estate, LLC and EPC Real Estate Group, LLC (formerly known as Land Development Strategies, LLC and ePartment Communities). Wespac Construction, Inc. with a full-service Northern Arizona office in Flagstaff, is the project’s general contractor.

The apartments feature upgraded kitchens, bathrooms and appliances, as well as numerous amenities including a courtyard with heated pool, gourmet barbeque grill with outdoor seating, fire pit with flat screen television, on-site services and a resident clubhouse featuring a 24-hour fitness center, personal trainer, massage therapists and more. A five-level garage with 344 structured parking spaces plus an additional 101 surface spaces will offer convenient resident and guest parking.

“These luxury apartments create a new rental opportunity in Flagstaff with unparalleled retail amenities,” said Brett Heron, Executive Vice President, Finance for RED Development. “Residents will appreciate being within walking distance of Aspen Place at the Sawmill’s grocery shopping, exciting new retail, restaurants and service providers.”

Vestar Development Investment

Vestar Development, Rockwood Capital Acquire LV Retail Center for $79M

Phoenix-based Vestar Development, in a joint venture with New York-based Rockwood Capital, is acquiring The District at Green Valley Ranch, a 384,107 SF landmark retail property located outside of Las Vegas, for $79M, the firms announced.

The all-cash deal, the city’s second largest commercial real estate investment transaction in three years, closed Friday, October 21.

“Now is a great time to invest in the Las Vegas retail real estate market, particularly in projects like this one,” says Rick Kuhle, president of Vestar Development. “This center has recently struggled, but we are confident and excited about stabilizing it over the coming year. We’re very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it in Las Vegas and throughout the West.”

We believe this is a compelling opportunity based upon the high quality of the center and the solid in-place cash flow,” says Joel Mayer, managing director at Rockwood Capital. “We have a longstanding relationship with Vestar and their extensive knowledge of this asset and market make them the ideal partner for this project.” 

Richard Walter, president, and Donald MacLellan, senior managing director, out of Faris Lee’s Irvine, Calif., headquarters, and Rob Moore, senior managing director in Faris Lee’s Las Vegas office represented the seller, LNR Partners, LLC. 

The District is located within Green Valley Ranch, a leading master-planned community located in the Black Mountain foothills, about 10 miles southeast of the Las Vegas Strip.

Phase one of The District was developed in 2004 and encompasses 212,622 SF of retail and office space on the west side of Green Valley Parkway. The 21.54-acre property is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums; and complementary office users. The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park. Phase one is 85% leased to several high-profile tenants including REI, Pottery Barn, Anthropologie, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, King’s Fish House and P.F. Chang’s.

Phase two of The District was developed in 2006 and totals 171,485 SF on 16.02 acres. The property consists of six buildings with a retail and office tenant mix. Phase two is 82% leased, anchored by Whole Foods and also including tenants such as West Elm and The Cheesecake Factory.

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For more information about Vestar Development, Rockwood Capital or The District at Green Valley Ranch, visit:

www.vestar.com
www.rockwoodcap.com

www.thedistrictatgvr.com

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