Cushman & Wakefield Negotiates Sale of Remaining 25,000 SF Parcel
PHOENIX, March 28, 2018 – Cushman & Wakefield announced that the remaining 25,000-square-foot (sf) parcel, part of the mixed-use development at the northeast corner of University Drive and Myrtle Avenue in Tempe, Ariz., sold to Driftwood Acquisitions & Development (DAD) for $5.3 million. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the original seller, Sundt Construction.
“We appreciated the opportunity to work with Brent, Mike and Brooks. They facilitated this complex transaction that led to a great outcome for both the buyer and the seller,” said Larry Pobuda, Senior Vice President & General Manager of OPUS.
DAD plans to build a new Canopy by Hilton to anchor a corner of OPUS’ mixed-use development, Union Tempe. The $60 million, 200-room hotel will span 14 floors and feature a lobby-level café, a gym, more than 3,000 sf of meeting space, a rooftop pool and terrace bar, cabanas and a fire pit. Sundt Construction is building the hotel on behalf of DAD and is expected to break ground in May of 2018 with completion slated for December 2019.
At build-out, Union Tempe will also include two residential high-rise apartment towers. The 20-story and 12-story towers will have a total of 407 apartment units and more than 31,000 sf of space for retail and restaurants that will front University Drive. The apartments are scheduled to open to renters in the summer of 2018.
“The Canopy by Hilton will further activate the largest and best thought out mixed-use project currently being built in Tempe,” said Brent Moser, Executive Managing Director of Cushman & Wakefield Phoenix.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Sundt Construction, Inc. (www.sundt.com) is one of the country’s largest and most respected general contractors. The 126-year-old firm specializes in transportation, industrial and building work and is known for its commitment to quality and innovative approach to construction services. Sundt has offices throughout Arizona, Texas, California and Utah and is 100 percent owned by its approximately 1,600 employees. The company is consistently ranked among the Best Places to Work by business publications in multiple cities and in 2016 it was named the nation’s safest construction company by the Associated General Contractors of America for the second time in a decade – an honor no other contractor can claim. Sundt’s charitable arm, the Sundt Foundation, recently crossed the $7.6 million mark in donations made to hundreds of nonprofit organizations across the country.