{"id":1004103095,"date":"2014-08-29T13:52:12","date_gmt":"2014-08-29T21:52:12","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=287697"},"modified":"2022-12-08T20:42:27","modified_gmt":"2022-12-09T04:42:27","slug":"wood-partners-prei-close-on-m-f-project-site-newquest-epics-big-buy-includes-phoenix-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wood-partners-prei-close-on-m-f-project-site-newquest-epics-big-buy-includes-phoenix-asset\/","title":{"rendered":"Wood Partners, PREI Close on M-F Project Site; NewQuest Epic\u2019s Big Buy Includes Phoenix Asset"},"content":{"rendered":"<p><em>By Liviu Oltean, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/08\/Good-Capture.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-287698\" title=\"Good Capture\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/08\/Good-Capture.jpg\" alt=\"\" width=\"300\" height=\"284\" \/><\/a><\/p>\n<p>A joint venture of Wood Partners and Prudential Real Estate Investors has closed on a downtown Chandler site in the South Arizona Avenue Corridor where the partners plan to build a 301-unit apartment project, Business Real Estate Weekly of Arizona reported.<\/p>\n<p>The joint venture, PR III\/Wood Chandler Apartments L.L.C., will develop the asset on the former site of the CMC Steel plant, which closed in 2009.<\/p>\n<p>Dubbed Alta Steelyard Lofts, the property will be located on about six acres at the southeast corner of Washington Street and Frye Road. The South Arizona Avenue Corridor Study deemed the location deemed suitable for high-density residential development.<\/p>\n<p>Biltform Architecture is the project\u2019s designer, and the contractor is WP West Builders Arizona L.L.C., an affiliate of Wood Partners. Tony Lydon and Marc Hertzberg of JLL\u2019s Phoenix office arranged the transaction.<\/p>\n<p>A linchpin of the deal was the 25-year Government Property Lease Excise Tax rate obtained by Wood Partners. Under the terms of the GPLET rate, the property is valued at $0.76 per square foot, the standard rate for high-density residential projects and considerably lower than the property\u2019s market value.<\/p>\n<p>In retail investment news, NewQuest Epic Investments L.L.C. acquired Village Center, a 171,129-square-foot community center located at 4304-4326 E. Cactus Road, BREW reported. According to NewQuest Epic\u2019s website, the property is one of nine acquired from Phillips Edison as part of a six-state, 1.35 million-square-foot portfolio.<\/p>\n<p>Village Center is anchored by Target and Dollar Store and, according to BREW, was 98 percent leased at the time of the sale. Among its neighbors is Paradise Valley Mall, a 1 million-square-foot regional mall owned by Macerich.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An entity formed by Wood Partners and Prudential Real Estate Investors, PR III\/Wood Chandler Apartments LLC, recently completed the purchase of a property slated for a 301-unit apartment community redevelopment in downtown Chandler.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[687,1815],"class_list":["post-1004103095","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix","tag-features","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wood Partners, PREI Close on M-F Project Site; NewQuest Epic\u2019s Big Buy Includes Phoenix Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wood-partners-prei-close-on-m-f-project-site-newquest-epics-big-buy-includes-phoenix-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wood Partners, PREI Close on M-F Project Site; NewQuest Epic\u2019s Big Buy Includes Phoenix Asset\" \/>\n<meta property=\"og:description\" content=\"An entity formed by Wood Partners and Prudential Real Estate Investors, PR III\/Wood Chandler Apartments LLC, recently completed the purchase of a property slated for a 301-unit apartment community redevelopment in downtown Chandler.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wood-partners-prei-close-on-m-f-project-site-newquest-epics-big-buy-includes-phoenix-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-29T21:52:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:42:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/08\/Good-Capture.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-prei-close-on-m-f-project-site-newquest-epics-big-buy-includes-phoenix-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wood-partners-prei-close-on-m-f-project-site-newquest-epics-big-buy-includes-phoenix-asset\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"Wood Partners, PREI Close on M-F Project Site; 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