Hines buys Elevation Chandler site for $8.25M
Cassidy Turley announced the sale of a 10.55-acre site at the northwest corner of Loop 101 and Loop 202 Freeways in Chandler, Ariz. Hines Interests Limited Partnership purchased the former Elevation Chandler site for $8.25 million. The seller was Price & Frye Investments, LLC.
Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis and Managing Director Don Arones represented the seller during the transaction.
“The challenges with the Elevation Chandler site have been well documented,” said Mr. Nicoluzakis. “Closing this property was a long process. It took perseverance by all parties involved and the support and cooperation of the City of Chandler to deliver title. Ultimately having a quality developer like Hines, with their experience and credibility, was important in closing the deal.”
Cassidy Turley was awarded the listing for the property in 2010, and originally had it under contract in 2011, but due to the litigation that was the result of a flawed trustee sale that contract was cancelled. Over the past four years the property has overcome numerous legal obstacles, including a fight that eventually led to an Arizona Supreme Court Ruling regarding ownership and the right to sell. Cassidy Turley put the property back on the market and through a bid process; Hines was selected and put the property under contract in November 2012.
Hines has announced plans for a mixed-use development with retail, office and multi-family residential on the property that they are calling Chandler Viridian. Demolition of the existing building will take approximately three months.