Tag Archives: Wetta Ventures

OldSchool07, WEB

Old School O7 sells for $6.1M

Joe Compagno of CBRE has sold Old School O7, considered one of the most unique urban infill redevelopment projects in Phoenix. The 9,293-square-foot shopping center commanded a sale price of $6.1 million – or $656 per square foot – and a cap rate of 5.5 percent. The tenants include Starbucks, the Z’Tejas restaurant-concept Taco Guild and Buffalo Exchange.

CBRE’s Compagno represented the local seller, O7, LLC, a company formed by Phoenix-based Wetta Ventures, in the transaction. The buyer, Beverly Hills, Calif.-based Old School Property, LLC, was represented by Steven Stein with TauroREIS of Torrance, Calif.

“Successful urban infill retail projects like Old School O7 are highly sought after by investors. As economic drivers move demand back to city-centers, urbanization and adaptive reuse will continue to be significant forces in the commercial real estate market in Phoenix,” said Compagno. “Redevelopment efforts like Old School O7 exemplify this trend. We recognized a window in the marketplace to capitalize on aggressive pricing for this unique piece of real estate, consulted ownership and then proceeded to set the market with this sale.”

Old School O7, formerly a Methodist church and a school building built in the late 1800s, was purchased by the seller in the spring of 2012 and was quickly redeveloped into one of the most captivating infill retail projects in metropolitan Phoenix. The former church is now home to the Taco Guild restaurant, while the school houses the Buffalo Exchange. The Starbucks is in a newly constructed free-standing 1,700-square-foot building located on the hard corner. Old School O7 is nestled in the heart of Central Phoenix along the coveted 7th Street major arterial at Osborn Road.

Red Velvet pancakes, Courtesy of Snooze

Snooze will open Tempe location on Dec. 10

The wait is almost over as, Snooze, an A.M. Eatery will hatch its latest location in Tempe on Wednesday, Dec. 10. Located inside the remodeled ASU Art Annex Building at the intersection of College Avenue and 6th Street (next door to Postino WineCafe), this all-new Snooze will serve up the same beloved menu of chef-crafted, responsibly sourced breakfast and brunch classics with a twist that made it immensely popular back in Colorado, California, and most recently Phoenix. Housed inside a custom-designed 3,500 sq. ft. space, the new Tempe location will also showcase Snooze’s signature bold, colorful atmosphere and retro-futuristic décor, best described as The Jetsons meets Happy Days. Diners can settle in at one of Snooze’s famed ‘tilt-a-wheel’ circular booths, or step through the series of rollaway garage doors and unwind on the expansive patio. Plus, in a nod to the restaurant’s university setting, there will be plenty of community tables to accommodate both large groups and solo diners. And as always, Snooze will offer free coffee and games of cornhole to anyone waiting for a table.

Founded in Denver, in 2006, Snooze opened its first Arizona location in Phoenix in November 2013, with a grand opening that raised more than $19,000 for four hand-picked charities including Not My Kid and St. Mary’s Food Bank, the oldest food bank in the world.  Following suit for Tempe, Snooze has partnered with Tempe Community Action Agency and Project C.U.R.E. as opening charity partners with a goal of out-fundraising the Phoenix location.

At the Art Annex building, Snooze joins Postino WineCafé in an adaptive reuse revitalization of this low-slung, brick-lined Mid-Century Modern gem, constructed in the 1950s as a schoolhouse and used most recently as a graduate student art studio. The revamped Art Annex will also serve as an anchor of the “ASU Recruitment Walk,” which will transform this once quiet section of campus into a thriving streetscape brimming with all-new retail shops, green spaces, walking lanes and University-run businesses.

So what’s all the buzz about? At Snooze, guests are tempted by from-scratch menu items such as a choose-your-own flight of fluffy pancakes or house-made breakfast pot pie smothered in rosemary sausage gravy. Not to mention, eggs benedict topped with spicy barbacoa beef and decadent cream cheese hollandaise sauce, or shaved Tender Belly ham, slow roasted pork and Dijon hollandaise.  Furthermore, Snooze was built on a commitment to sustainability, from incorporating as much responsibly grown food and materials as possible to recycling and composting 90% of their waste.

Postino Annex, Upward Projects

Postino opens newest location in 1950s art studio next month

Next Wednesday, Oct. 1, the latest Postino WineCafé location, Postino Annex (615 S. College Avenue) will open in Tempe inside a revamped former art studio just steps away from the ASU campus. Tucked into the historic ASU Art Annex building, this fourth Valley Postino location will help serve as a new gateway to ASU’s main campus as part of the all-new ASU Recruitment Walk on College Avenue. The project is also a special honor that’s very near and dear to the owners, as all four (Kris & Craig DeMarco and Lauren & Wyatt Bailey) are ASU alumni.

“It means a lot to us to return to our roots here in Tempe and ASU,” says co-owner, Craig DeMarco, “From our sharable menus to the open and communal layout, we really hope Postino Annex serves as a new neighborhood hub for this vibrant college community that helped shape our success.”

According to Tempe Mayor Mark Mitchell, “On behalf of the City of Tempe, we’re excited to welcome a great local company like Postino to be a part of our community. Not only is it going to help anchor the new ASU Recruitment Walk, it will bring new life and vitality to College Avenue by restoring this beautiful historic building.”

Open daily for lunch and dinner with brunch every weekend, at Postino Annex guests will savor a compact yet craveable menu of bruschettas, from-scratch soups, fresh salads and hearty panini sandwiches – all made with the finest local ingredients. Plus, every Saturday and Sunday (9 a.m. to 1 p.m.) Postino serves up farm-fresh brunch fare with a side of live music and $5 mimosas. Not to mention, Postino’s ever-changing selection of boutique wines and craft beers, including 16 beers on tap and two dedicated nitro taps.  Enjoy signature specials such as $5 Before 5 p.m., offered everyday on all wines by the glass and draft beer pitchers, and $20 Bottle & Board on Monday & Tuesday evenings.

Architecturally, this low-slung mid-century modern space has been artfully reinvented to create a light, airy yet stylish space that blurs the lines between the indoors and outdoors thanks to Postino’s trademark rollup garage doors leading to two lushly-landscaped patios. Here, guests can cozy up inside an intimate booth, settle in at the large indoor/outdoor walnut butcher block bartop, sip in the sun on the oversized outdoor sofa seats or make some friends at the various communal tables, all while soaking in the funky vintage furnishings and colorful custom artwork.

Postino Annex is located at 615 S. College Avenue, Tempe, AZ 85281 and open from Monday – Thursday 11 am – 11 pm; Friday 11 am – midnight; Saturday 9 am – midnight; Sunday 9 am – 10 pm.

1940 Camelback_Photo (2)

Wetta Ventures purchases office building for $2.075M

Phoenix-based Wetta Ventures has acquired a 1967 vintage 12,100 square foot office building located one parcel west of the northwest corner of 20th Street and Camelback Road, with an address of 1940 E. Camelback Road. The property was purchased for $2,075,000 or $171 per square foot in a cash transaction. The seller, Caldwell and Ober Law Firm, had owned the property since 2003 and will remain a tenant in the building under a new lease. There were no brokers involved in the transaction.

Wetta Ventures is actively seeking well-located, infill properties in the Phoenix metro. Contact David Wetta at 602.478.3538 or Paul Salinas at 480.290.1502.

The Annex

postinoAdaptive reuse of a 1952 school building into a two-restaurant building with large patios adjacent to College Avenue and across the street from the new College Avenue Commons.

Developer: Wetta Ventures
General Contractor: UEB Builders
Architect: Brick & West, LLC and RSP Architects
Location: College Avenue and 6th Street, Tempe
Size: 7,323 SF
Value: $1.2M
Start/Completion: January to August 2014

Scott Sandler Photographic

Wetta Ventures Sells Phoenix Neighborhood Retail Center for $12.2M

Camelback East Shops, a 25,150 SF neighborhood retail center at 3225 E. Camelback Road in Phoenix, has sold for $12.2M or $485 per SF. The sale price posted a cap rate of 5.65%.

The Jan. 30 closing was led by David Wetta and Paul Salinas of Wetta Ventures. The buyer was Arizona-based Hannay Realty Advisors and Calgary, Alberta-based MDC Property Services. The seller was the Fuchs Family of Phoenix, Arizona.

Camelback East Shops had been in the Fuchs Family since 1957 and was remodeled several times during their ownership. The retail center is a truly unique real estate investment that serves the metro’s most affluent residential neighborhoods; Biltmore, Paradise Valley, and Arcadia. The tenants at time of sale included Tomaso’s, Tommy V’s, Tarbell’s (Restaurant, Tavern and Wine Store), UPS Store and Van’s Golf Shop.

Rendering courtesy of Brick & West Design and RSP Architects

Wetta Ventures, ASU to redevelop College Ave.

Wetta Ventures and Arizona State University today announced a partnership to redevelop a portion of College Avenue as part of an adaptive reuse project that includes  the former ASU Annex.

Begun in December, the project will convert the Annex, a 7,323 square-foot-building on the corner of College Ave. and Sixth Street next to the Mona Plummer Aquatic Center, into a two-restaurant building. Wetta Ventures already has a commitment from local favorite Postino Winecafe for the northern space as well as interest from various restaurant operators for the second space. Postino is expected to open in August 2014.

The Annex is across College Avenue to the east of College Avenue Commons, a five-story, 137,000 gross-square-foot building now under construction that will house the Del E. Webb School of Construction, a prospective student visitors center, and Sun Devil Marketplace, a next-generation college store featuring dining and congregation spaces, books and soft goods, and the best of emerging digital technologies revolutionizing the world of books and publishing. College Avenue Commons will open summer of 2014.

“We are thrilled to partner with ASU on the transformation of College Avenue and to help bring to life the shared vision of creating a one-of-a-kind dining destination in Tempe,” said David Wetta, founder of Wetta Ventures. “The first phase, redeveloping the Annex, is a truly unique project.   We will reinvent this old structure to create a warm, inviting space that will be full of personality. The charming and humble design from the 1950s will be preserved, while integrating modern touches and functionality. We could not ask to be part of a more exciting project.”

The Annex now.

The Annex now.

The Annex, a 1950s schoolhouse turned multi-functional building that was once the Sun Devil weight room during the Frank Kush era, will be transformed into two building spaces connected by a central breezeway. The windows along the front of the building will be replaced with rollup glass garage doors, midcentury modern design and interior features such as wood ceilings, exposed brick and industrial ductwork. Two large patios for outdoor seating will run along College Avenue. Michael Rumpeltin of Brick & West Design is working in collaboration with RSP Architects on the architectural design of the project.

Postino Winecafe will occupy the northern 3,838 square-foot building and will have a 2,500 square-foot patio. A second restaurant will occupy the southern building that is 3,484 square-feet with a 1,640 square-foot outdoor patio.

Wetta Ventures recently completed Old School O7, an adaptive reuse and new construction project in Midtown Phoenix. The project consists of a 1948 church that has been repurposed as a restaurant, Taco Guild, a freestanding Starbucks and a 1955 school building that will serve as new shop space for a general retail tenant.

In addition to being an ASU alumnus, Wetta has a longstanding relationship with ASU through his membership in the President’s Club and membership in the Sun Devil Family Association.

“Creating a destination place on College Avenue, where downtown Tempe, the ASU Tempe Campus, and ASU public performance venues meet, is an important part of activating the street and making College Avenue a nexus for people to come together across campus and community,” said Morgan R. Olsen, ASU executive vice president, Treasurer and CFO.  “The presence of these destination dining venues as part of this exciting place will only enhance the creative environment ASU is fostering for its faculty, staff and students, and our community stakeholders.”

This development project will be done in conjunction with ASU’s College Avenue Streetscape project that is slated to begin this spring. Running along College Avenue between Sixth and Seventh streets, it will include green spaces, a shade structure, pedestrian walks, outdoor dining and event spaces and street beautification.

rsz_old_school

'Old School O7' Transforming the Corner of 7th St. and Osborn as an Adaptive Re-Use Project

 

Focusing on the desire for authentic development which complements neighborhoods, the collaboration of  Chasse Building Team, RSP Architects and Wetta Ventures broke ground recently at Old School O7, a $2M adaptive re-use and urban in-fill project the corner of 7th St. and Osborn Rd.

The existing church built in 1948 will be adapted into a ±4,000 SF restaurant. The former Osborn School House, which dates back to 1886, will be repurposed into commercial/retail space with three bays each with approximately 1,175 SF.

New construction of a 1,700 SF coffee house is currently underway with infrastructure for the restaurant and commercial/retail space in progress. Even with the newly constructed coffee house, the architecture will pay homage to the mid-century heritage of the renovated school and church and the existing neighborhood. The project’s focus is on three elements: true, local and renewal.

To further honor the past of Old School O7’s location, an art display showcasing the site’s history will be integrated on an outside wall next to the commercial/retail space. A challenge on many infill projects, this development will have plenty of parking, 66 spaces, which is in line with code requirements.

Construction will take place in three concurrent phases: Phase I – coffee house, Phase II – restaurant, Phase III – commercial/retail space. The coffee house’s scheduled opening is set for 4Q 2013. Building permits for Phases II and III will be filed for in April.

Cassidy Turley is broker for the project.