Tag Archives: Wetta Ventures

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.