Monday, May 7, 2012

Alliance Residential Purchases Lot 4 of Scottsdale Waterfront

VIZZDA--February 21, 2012Alliance Residential has completed the purchase of 145,906 square feet or 3.35 acres of undeveloped land south of the southwest corner of Goldwater Blvd & Camelback Rd for $13.5m or $92.53 per square foot. 
City of Scottsdale | Planning Division

The site, which is adjacent to Fashion Square Mall, had previously been planned for mixed-use featuring 366 condos as well as office and retail. Scottsdale Waterfront, LLC—a partnership formed between Starwood Capital Group of Greenwich, CT and Golub and Company of Chicago, Il—were the sellers. 

A group that included D. Lee Mashburn and Ted Tomasovich acquired the site as part of an 11.3 acre assemblage for $6.66m from The C.E. Vinager Trust in October 1997. Mashburn and Tomasovich then sold the property to a consortium including themselves, Westcor Realty LP & Arcadia Water Company for $6.37m in June 1998. 

The site is the final of four replatted parcels resulting from the original 11.3 acre assemblage held by Scottsdale Waterfront LLC: lots 2 & 3 sold for $24.79m in September 2004 to Opus West and lot 1 sold in a related transaction for $6.5m in December 2004. Parties to the transaction could not be reached for comment.

Paul Dionne
Research Analyst
(202) 258-9508

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