Phoenix-based George Oliver Companies – a co-developer of the record-breaking Quad redevelopment in Scottsdale, Arizona – has identified its next metro Phoenix transformation project, purchasing Catalina Terraces in Phoenix for $16.49 million.
According to George Oliver Companies Founder and Managing Partner Curt Kremer, the redevelopment will take approximately nine months and will transform the 1989-built Catalina Terraces office complex with a refreshed façade, which will incorporate the existing Spanish architectural elements, and extensive renovations to interior spaces and shared common areas.
“Similar to The Quad this transformation will unlock the hidden potential of a dated asset in a premier employment corridor, improving the building with a thoughtful renovation and a best-in-class amenity package that goes far above market norms,” said Kremer. “This will transform Catalina Terraces into a highly desirable, highly creative office community with the unmatched ability to attract and retain today’s modern workforce.”
Catalina Terraces is located just south of Northern Avenue at 7878 N. 16th Street in Phoenix, minutes from the deep amenity base of 7th Street and Piestewa Freeway/State Route 51. The property seller is Catalina Terraces Operating Associates LLLP.
Ryan Timpani and Todd Noel of Colliers represented the seller in the transaction and will lead the marketing and leasing efforts for the building going forward. Studio Ma and George Oliver Design will make up the design team. Arcadia Management will take on the property management and RSG Builders will handle the renovations.
The Catalina Terraces renovation comes on the heels of the 2017 completion and mid-2018 sale of The Quad, a project in which George Oliver Companies served as a co-developer along with EverWest and WHI Real Estate Partners LP.
Located at 6200 – 6390 E. Thomas Rd. in Scottsdale, this landmark redevelopment reformed a 1982-built executive suites campus into The Quad, a next-generation creative office community totaling 166,606 square feet with 14 modern, multi-tenant buildings. The project was recognized as the 2017 NAIOP Redevelopment Project of the Year and was sold in August 2018, breaking a price-per-square-foot record in the South Scottsdale office market.
Other successful projects in the George Oliver Companies portfolio include Junction 23 in the RINO arts district of Denver and Upcycle, located in the trendy Eastside submarket in Austin.
More details on the rebranding and transformation plans for Catalina Terraces, as well as project renderings, will be released in the coming months of 2019.