Houston-based Hines has paid $6,725,000 for approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue. The global real estate company plans to develop a multi-family community on the property.
The parcel was purchased from The Pederson Group, a locally based shopping center development company with 27 retail properties totaling more than 5,000,000 square feet. Pederson acquired the full 23-acre site from the Arizona State Land Trust and has now sold the back 11 acres to Hines.
“Pederson Group owns the highly successful Stetson Village shopping center, which is adjacent to this site,” says Chaz Smith, senior vice president with Colliers International in Arizona. “When the parcel was considered for auction, Pederson decided to pursue the land with the intent to bring a multifamily developer of Hines’ caliber to partner on the project and best complement the corner’s existing and future uses.”
Smith, John Finnegan and Ramey Peru with Colliers International in Arizona represented The Pederson Group in the sale negotiations. Hines was self-represented.
Hines plans to develop a 325-unit luxury multi-family community that will total 318,000 square feet on the site. The project is scheduled to include 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartment homes.