RED Development has added Hilton Village in Scottsdale to its growing portfolio of Arizona retail properties.
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
Showing posts with label westcor. Show all posts
Showing posts with label westcor. Show all posts
Sunday, June 24, 2012
RED buys, willupgrade Scottsdale retail site - USATODAY.com
RED Development has added Hilton Village in Scottsdale to its growing portfolio of Arizona retail properties.
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
RED buys, willupgrade Scottsdale retail site - USATODAY.com
RED Development has added Hilton Village in Scottsdale to its growing portfolio of Arizona retail properties.
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
RED buys, willupgrade Scottsdale retail site - USATODAY.com
RED Development has added Hilton Village in Scottsdale to its growing portfolio of Arizona retail properties.
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.
"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.
The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.
RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.
RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.
Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.
RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.
Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.
Westcor is a division of Macerich, of Santa Monica, Calif.
By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012
RED buys, will upgrade Scottsdale retail site - USATODAY.com
Thursday, June 7, 2012
Westcor turns back state land for Palisene
A regional-mall site intended for Westcor's Palisene project is going back to the Arizona State Land Department.
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor turns back state land for Palisene
A regional-mall site intended for Westcor's Palisene project is going back to the Arizona State Land Department.
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor turns back state land for Palisene
A regional-mall site intended for Westcor's Palisene project is going back to the Arizona State Land Department.
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor turns back state land for Palisene
A regional-mall site intended for Westcor's Palisene project is going back to the Arizona State Land Department.
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor turns back state land for Palisene
A regional-mall site intended for Westcor's Palisene project is going back to the Arizona State Land Department.
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Westcor and the Land Department reached an agreement last week to end Westcor's 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101.
"We're getting the piece back intact," state Land Commissioner Maria Baier said. "It's ready for the next healthy market."
The property can be auctioned again as the commercial real-estate market recovers, Baier said.
The settlement puts a halt to Westcor's 20-year plan for a mall and mixed-use development on the state land just west of Scottsdale Road in Phoenix.
It stalls planning and development of roads, utilities and flood control for thousands of acres in the Paradise Ridge area.
Westcor was the sole bidder four years ago to lease the 112-acre Palisene site for $32 million, with the obligation to invest $67 million for development improvements that would have served the broader area of state land northwest of Loop 101 and Scottsdale Road.
Scott Nelson, Westcor vice president of development, said the property is some of the best-located land in the Valley but it lacks water, sewer, streets and flood control.
"There is not a comprehensive drainage solution to allow for development to occur," Nelson said. "That became the impetus for canceling this lease."
It was difficult for Westcor to walk away from the site after spending so many years planning for its development, he said.
It's still going to be great real estate," Nelson said. "The community and the cities (Scottsdale and Phoenix) need to look hard at how this area should be developed and how to get the public infrastructure funded."
Baier said Westcor had planned on recovering infrastructure costs from Phoenix but that was no longer possible after Arizona Supreme Court rulings on development agreements involving CityNorth at 56th Street and Loop 101. The court in 2010 put strict limits on municipal tax incentives to ensure there is clear public benefit.
Westcor, a division of Santa Monica, Calif.-based Macerich, paid $1.26 million in lease payments to the Land Department through 2010 and deferred its $1 millionpayment for 2011.
The settlement, reached with the help of a mediator, divides $18 million in an escrow account with $10 million going to the Land Department and $8 million to Westcor, Baier said.
The Land Department keeps $1.26 million of Westcor's lease payments but reimburses Westcor $1.1 million for its $2.5 million in expenses in developing a master plan for the site, Baier said.
The Land Department plans to spend $8 million of the funds from Westcor to improve the area's infrastructure, which will make it more valuable for development, she said.
Westcor for at least two decades targeted Paradise Ridge northwest of Loop 101 and Scottsdale Road for a regional mall. In 2005, company officials unveiled conceptual plans for an ambitious mixed-use plan for the area in partnership with the Landmark Land Co.
The Palisene shopping center was to include 1 million square feet of high-end retail, restaurants and entertainment on 72 acres. Westcor envisioned a 2,100-acre mixed-use project at Paradise Ridge with offices, homes and condominiums, a hotel and buildings rising to 17 stories.
With the economy in high gear, developers were racing to build major mixed-use projects in the Northeast Valley including CityNorth, Scottsdale Quarter, One Scottsdale and Palisene.
CityNorth and Scottsdale Quarter got built and struggled out of the gate in 2009 as the economy faltered. Westcor went ahead with acquisition of the Palisene site in April 2008 and later that year announced plans for a retractable roof for the shopping center.
But retailers pulled back as the recession hit. In the past year, Westcor tried to land a luxury outlet mall for the site but was unsuccessful.
Nelson said it is hard to say if the company would once again pursue the Palisene site in a future state land auction.
by Peter Corbett - Jun. 7, 2012 11:43 AM The Republic | azcentral.com
Westcor turns back state land for Palisene
Saturday, April 14, 2012
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Westcor payment on lease due soon
Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Thursday, April 12, 2012
Westcor's parent sells its stakes in 3 centers
Macerich Co., the parent of Phoenix-area mall developer Westcor, has sold its stakes in three East Valley power centers in transactions valued at more than $100 million.
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Westcor's parent sells its stakes in 3 centers
Macerich Co., the parent of Phoenix-area mall developer Westcor, has sold its stakes in three East Valley power centers in transactions valued at more than $100 million.
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Westcor's parent sells its stakes in 3 centers
Macerich Co., the parent of Phoenix-area mall developer Westcor, has sold its stakes in three East Valley power centers in transactions valued at more than $100 million.
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Westcor's parent sells its stakes in 3 centers
Macerich Co., the parent of Phoenix-area mall developer Westcor, has sold its stakes in three East Valley power centers in transactions valued at more than $100 million.
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
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