Skip Ribbon Commands
Skip to main content

News release

PHOENIX, AZ

Jones Lang LaSalle Brokers $4.73 M Main Street Lofts Sale to Local Investor

Deal reflects continued optimism, growth potential for Phoenix multifamily assets


PHOENIX, Sept. 30, 2013 – Capital Markets experts in the Phoenix Office of Jones Lang LaSalle have completed the $4.73 million sale of Main Street Lofts at Verrado, a Class A, urban-style, condominium-quality multifamily property located at the center of the Verrado master-planned community in Buckeye, Ariz.

Jones Lang LaSalle’s Executive Vice President John Cunningham and Vice President Charles Steele represented the property developer and seller, DMB Associates. The buyer is Waitt Verrado LLC, a newly formed company involving WaittCorp Real Estate LLC of Omaha, Neb. (Norm Waitt, Chairman) and Arcadia Capital Group LLC of Phoenix, Ariz. (Jay Khor, Director of Acquisitions). 

As is the case with Main Street Lofts, the companies continue to seek high quality, uniquely positioned real estate opportunities in the Phoenix market. They purchased Main Street Lofts because of the prime location within the Main Street District at Verrado, one of the Valley’s fastest growing and highest quality master-planned communities. In the near term, the company will work to improve efficiency, grow rental rates and occupancy. 

“This is a truly unique urban-designed property for the West Valley that earned very broad buyer interest,” said Cunningham. “The transaction continues to demonstrate the investment community’s interest in the recovering single-family and multifamily markets, particularly in the West Valley.”

According to Michael Burke, Vice President of Development at DMB, “the Main Street Lofts has helped energize Main Street, and the strong return of the multifamily market signalled the right time for this planned sale.”   

Located at 21068 W. Main St., Main Street Lofts is a 44,750-square-foot property that includes 45 apartment homes in nine, two- and three-story buildings. The structures border the north and south sides of Main Street in Verrado’s town center, and sit above ground floor retail that is 100 percent leased to Bashas’ grocery store, CVS Pharmacy, Bank of America, Ciao, Grazie Pizzeria, Tempo Urban Bistro and Anderson Institute of Music.

Completed in 2004, Main Street Lofts is a collection of townhome, loft and apartment residences averaging 994 square feet. Units range from 736 square feet to 1,692 square feet (average 994 square feet) in studio, one-, two- and three-bedroom floorplans. The property additionally includes 16 private garages and 29 covered, lighted parking spaces.

Main Street Lofts offers its residents numerous amenities, including building entrances, upper-level elevator access, private patio/balconies, stacked full-size washers and dryers, and cable and high-speed Internet. The Verrado community includes diverse amenities such as a Community Center and championship 18-hole Raven Golf Course and Club. It is approximately 25 miles west of Downtown Phoenix and located between two of the West Valley’s largest job hubs: Luke Air Force Base and Palo Verde Nuclear Generating Station.

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. For more on the Phoenix office, visit www.jll.com/Phoenix. For news, videos and research resources on Jones Lang LaSalle, visit the firm’s U.S. media center webpage.

About Main Street at Verrado
Verrado is a modern community nestled in the foothills of the White Tank Mountains located north of Interstate 10 along Verrado Way in Buckeye, Ariz. Recognized for its use of town-building principles, Verrado is a place to experience the best of home, town and Arizona. With its engaging lifestyle and celebration of learning, Verrado fosters a sense of community and expression of individuality that captures the friendly spirit of a 21st-century Arizona town.
At the center of Verrado is a mixed-use Main Street District featuring rental lofts and apartments, along with office, retail and entertainment spaces. Tenants include American Family Insurance, Anderson Institute of Music, Bank of America, Bashas’, Banner Health Center, Buckeye Medical Center, Ciao Grazie, Chirofit, CVS Pharmacy, Johnson Wealth Management, Main Street Dental, Nemechek Consultative Medicine, Jeffrey Gill PLLC, Tempo Urban Bistro, Worley Parsons, Verrado Grille and The Raven Golf Club at VerradoTM. For more information about dining, working and shopping at Verrado, visit www.verrado.com.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.

About DMB
DMB, an Arizona-based real estate company, creates enduring places that capitalize on location and climate, shaping life for generations. For nearly 30 years, DMB has earned a national reputation for creating some of the most iconic communities in the West, including Centerpoint on Mill in Tempe, DC Ranch in Scottsdale and Verrado in Buckeye, just to name a few. DMB strives to achieve enduring business success by creating extraordinary new environments that enrich people’s lives, are appreciated and rewarded in the market, and have a positive impact on the larger community of which they are part. For more information, visit www.dmbinc.com.

DMB Commercial specializes in strategically shaping and developing properties within DMB’s portfolio of planned communities featuring retail, office, hospitality and other mixed-use components. Current DMB Commercial properties include Market Street at DC Ranch and Canyon Village (all within DC Ranch in Scottsdale, Ariz.), Centerpoint on Mill (Tempe, Ariz.), Eastmark (Mesa, Ariz.), The Shops at Kukui’ula, (Kauai, Hawaii), Main Street at Verrado, (Buckeye, Ariz.), and One Scottsdale (Scottsdale, Ariz.).