Chandler Viridian PRIMEGATE sells for $21M
The last component of Chandler Viridian PRIMEGATE was just sold by WINLEE Development for $12,850,000. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the 4-building project for a total of $20,840,000, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components were the Panera building, which sold for $4,315,000, and The Sicilian Butcher restaurant, which just sold for $3,675,000.
PRIMEGATE is the capstone restaurant and retail component of the 25-acre, $250,000,000 Chandler Viridian mixed-use project at the entrance to the Chandler Fashion Center super-regional luxury mall, and at the NWC of the Loops 101 & 202 freeways interchange, in Chandler, AZ. PRIMEGATE, which was nominated for architectural awards, is an integral element of Chandler Viridian, which won the 2019 NAIOP Mixed-Use Project of the Year Award.
WINLEE Development, the commercial real estate division of Phoenix-based Winfield Lee Investments (a family-office syndicate investment firm) developed PRIMEGATE, and Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions.
Regarding the sale, Winfield Lee Investments CEO, Peter Nelson, commented, “It took some creative deal making, together with a sophisticated Buyer, to effect this final transaction during this unprecedented time of worldwide economic turmoil and pandemic crisis. With the benefit of perspective, however, I believe it will ultimately prove a testament to the long-term value created by high-quality real estate, thoughtfully developed, with good partnerships.”
Chandler Viridian is a $250,000,000 mixed-use project developed by a consortium of Hines, WINLEE Development, Alliance Residential & Concord Hospitality. The project features Class-A office, Luxury Residential, Business Luxury Hospitality and the PRIMEGATE offerings, all in a fully integrated campus with attractive architecture, wellness trails, fountains and even a dog park. Other notable neighboring tenants are Nordstrom, Apple, Microsoft, Lululemon, Harkins Fashion 20 Theatres, Crayola Experience, as well as Super Target & Costco.
Chris Lind said, “It isn’t often that such a well-positioned, well developed, legacy property becomes available for sale. Even despite the current upheaval we face, at the end of the day it was simply the ideal transaction with a quality Buyer that wanted to buy and a Seller that was ultimately willing to sell.”
WINLEE partners include Alliance Bank (Chris Burson), which provided the construction financing for the PRIMEGATE project, and the law firms Berry Riddell (attn’s Jason Donkersley, Wendy Riddell, Michael
Zimmerman) & Sacks Tierney (Rob Kimball, David Tierney) all of which represented WINLEE throughout the project. Attorney Jason Donkersley represented WINLEE in PRIMEGATE’s leases and sales as well.
Wespac Construction (Glenn Leier, Tyler Holmes) was the lead contractor for PRIMEGATE, Reigle and Associates (Rick Reigle) was the architect and Larson Engineering (Mike Hreha) was the civil engineer. CBRE’s LeDonna Spongberg, Kerry Linthicum and Carole Schillne all represented WINLEE at various stages of the project’s leasing.