{"id":1004106693,"date":"2014-11-03T07:48:13","date_gmt":"2014-11-03T15:48:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004106693"},"modified":"2022-12-08T10:42:33","modified_gmt":"2022-12-08T18:42:33","slug":"douglas-wilson-cos-jv-buys-2-5-acres-in-tempe","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/douglas-wilson-cos-jv-buys-2-5-acres-in-tempe\/","title":{"rendered":"Douglas Wilson Cos. JV Buys 2.5 Acres in Tempe"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p>Hayden House Tempe, L.L.C., a partnership b<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004106696\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/douglas-wilson-cos-jv-buys-2-5-acres-in-tempe\/hayden-house\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg\" data-orig-size=\"3000,1999\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"HAYDEN HOUSE\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?w=1024\" class=\"alignright size-medium wp-image-1004106696\" alt=\"HAYDEN HOUSE\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg 3000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=1024,682 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=1536,1023 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=2048,1365 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=150,100 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=696,464 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=1068,712 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=1920,1279 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/HAYDEN-HOUSE.jpg?resize=630,420 630w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>etween Douglas Wilson Companies, Hensel Phelps Development L.L.C., and Karlin Real Estate, has acquired 2.51 acres in Tempe, Ariz., from Michael Monti\u2019s Catering.<\/p>\n<p>The site sits on the southwest corner of Mill Avenue and Rio Salado Parkway and is home to the historic Hayden House, the oldest continuously occupied structure in Metropolitan Phoenix and Arizona, built approximately 145 years ago.<\/p>\n<p>The joint venture plans to develop Mill &amp; Rio Salado, a $200 million mixed-use creative office and lifestyle-hotel development, which will consist of two towers: a 15-story 280,000-square-foot Class A office building and a 16-story, 274-key Kimpton hotel along with 17,000\u00a0square feet of complimentary restaurants and retail.<\/p>\n<p>\u201cThe\u00a0commercial office market requirements and the need for a four star boutique hotel \u00a0was very evident,\u201d Doug Wilson, Douglas Wilson Cos.\u2019 chairman &amp; CEO, told <i>Commercial Property Executive<\/i>. \u201cWe saw this property as an opportunity to support the current and future market needs and to provide a world class project for the city of Tempe.\u201d<\/p>\n<p>As part of the plan, the Hayden House will be preserved and repurposed as a destination restaurant to serve the Valley and the surrounding office and hotel guests.<\/p>\n<p>The Mill &amp; Rio Salado site is located less\u00a0than a block from Phoenix\u2019s acclaimed light rail system, across the street from Tempe Beach Park and Tempe Town Lake.<\/p>\n<p>North Tempe has emerged as one of the most desirable submarkets in the Valley, boasting the lowest vacancy rates in Metro Phoenix, with a Class A vacancy rate under 5 percent.\u00a0Real estate leaders cite access to ASU, Light rail, freeways, walk able amenities, and true Class A office space as the leading reasons Tempe is experiencing such dynamic attention from office tenants.<\/p>\n<p>\u201cAs the entire valley continues to grow up and the requirements of today\u2019s employers and\u00a0their employees become more urban, Tempe is the perfect place for this,\u201d Wilson added. \u201cThe innovation coming out of ASU, the quality\u00a0employment base in the surrounding Tempe area and the current and new supply of urban housing are some of the top drivers.\u201d<\/p>\n<p>According to Wilson, the joint venture is dedicated to creating\u00a0quality-driven and viable urban infill developments.<\/p>\n<p>\u201cDWC was founded on this and has a proven track record of creating these environments in great cities such as Tempe,\u201d he concluded.<\/p>\n<p>Hensel Phelps has been selected as the contractor for Mill &amp; Rio Salado and construction is expected to start in mid-2015 with completion in 2017.<\/p>\n<p>Cassidy Turley represented the seller in the transaction. Karlin Real Estate also provided the debt in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hayden House Tempe, a partnership among Douglas Wilson Cos., Hensel Phelps Development, and Karlin Real Estate, has acquired 2.51 acres in Tempe for from Michael Monti\u2019s Catering.<\/p>\n","protected":false},"author":451,"featured_media":1004106696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21752,21742,21747,15],"tags":[],"class_list":["post-1004106693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-mixed-use","category-latest","category-office","category-west"],"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>Douglas Wilson Cos. 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