EverWest Real Estate Partners, in a joint venture with WHI Real Estate Partners, is pleased to announce the acquisition of Scottsdale Executive Villas. The property consists of 14 individual tri-level buildings and is located at the NWC of 64th Street and Thomas Road in Scottsdale, Arizona. This location is just 2 miles from the heart of Old Town Scottsdale and 3 miles from North Tempe, the fastest growing submarket in Metro Phoenix.
The 160,000 s.f. office property was 50% leased upon closing. In its current condition the space is leased as "garden style" offices. Over the next two years this asset will be re-positioned in two phases into a creative office campus for users ranging in size from 2,000 s.f. to 50,000 s.f. Phase I of the renovations will start summer of 2016 with spaces ready for lease in the beginning of the fourth quarter. As currently planned, the project will include an on-site restaurant with a number of outdoor amenities for the users.
Curt Kremer, Managing Director, comments, "We are excited about the opportunities this project will produce in our Phoenix Portfolio. Acquiring a one-of-a-kind Scottsdale infill asset with such unique existing structures will open a lot of doors for us to be extremely creative in this adaptive reuse project. Creative office demands are far outweighing the limited supply in Old Town and Tempe and we expect this campus feel to bring these users together and build the ultimate collaborative office community."