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| Main Street Lofts at Verrado, 21068 West Main Street, Buckeye, AZ |
PHOENIX, AZ – Capital Markets experts in the Phoenix Office
of Jones Lang LaSalle have completed the $4.73 million sale of Main Street
Lofts at Verrado, a Class A, urban-style, condominium-quality multifamily
property located at the center of the Verrado master-planned community in
Buckeye, Ariz.
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| John Cunningham |
Jones Lang LaSalle’s Executive Vice President John
Cunningham and Vice President Charles Steele represented the
property developer and seller, DMB Associates.
The buyer is Waitt Verrado LLC, a newly formed company
involving WaittCorp Real Estate LLC of Omaha, Neb. (Norm Waitt,
Chairman) and Arcadia Capital Group LLC of Phoenix, Ariz. (Jay Khor,
Director of Acquisitions).
As is the case with Main Street Lofts, the companies
continue to seek high quality, uniquely positioned real estate opportunities in
the Phoenix market.
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| Charles Steele |
They purchased Main Street Lofts because of the prime
location within the Main Street District at Verrado, one of the Valley’s
fastest growing and highest quality master-planned communities. In the near
term, the company will work to improve efficiency, grow rental rates and occupancy.
“This is a truly unique urban-designed property for the West
Valley that earned very broad buyer interest,” said Cunningham. “The
transaction continues to demonstrate the investment community’s interest in the
recovering single-family and multifamily markets, particularly in the West
Valley.”
According to Michael Burke, Vice President of
Development at DMB, “the Main Street Lofts has helped energize Main Street, and
the strong return of the multifamily market signalled the right time for this planned
sale.”
Located at 21068 W. Main St., Main Street Lofts is a
44,750-square-foot property that includes 45 apartment homes in nine, two- and
three-story buildings.
The structures border the north and south sides of Main
Street in Verrado’s town center, and sit above ground floor retail that is 100
percent leased to Bashas’ grocery store, CVS Pharmacy, Bank of America, Ciao,
Grazie Pizzeria, Tempo Urban Bistro and Anderson Institute of Music.
Completed in 2004, Main Street Lofts is a collection of
townhome, loft and apartment residences averaging 994 square feet.
For a complete copy of the company’s news
release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
