Hines and Joint Venture Partner Close on Land to Develop… - Hines

Hines and Joint Venture Partner Close on Land to Develop Luxury Apartments in North Phoenix

(PHOENIX) – Hines, the international real estate firm, along with a joint venture partner, announced today it has closed on 11 acres, to develop a 325-unit luxury for-rent residential property in north Phoenix.

Hines’ multifamily property, located at the northwest corner of Happy Valley Road and 35th Avenue, will consist of six, three-story buildings. An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318,000 square feet.

Hines’ announcement comes on the heels of the developer breaking ground on Adeline, its first luxury for-rent property in the Phoenix market. Adeline will be a 25-story, 379-unit high-rise community at the Collier Center in downtown Phoenix.

“Hines jumped at the opportunity to work with our partners on this project on Happy Valley Road. Our luxury multifamily project is positioned well to meet the expanding need for suburban luxury multifamily options in the submarket,” said Robert Trujillo, managing director for Hines.

Hines’ property is part of a larger commercial development by the Pederson Group of Phoenix which owns the adjacent existing 167,000-square-foot Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ multifamily development on Happy Valley Road.

“The Pederson Group acquired the 23-acre site from the Arizona State Land Trust,” said Jim Pederson, CEO. “We sought a quality multifamily developer to partner with us to create a fine mixed-use project. We’re thrilled to work with Hines.”

The area is near high-quality employers such USAA, W.L. Gore, and Honor Health, as well as The Shops at Norterra and Interstate 17.

The unit mix is expected to be: 161 one-bedrooms, 140 two-bedrooms, and 24 three-bedrooms. Rent prices haven’t been finalized yet. Plans call for the multifamily construction to start in the fourth quarter of 2020.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as an investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

Pederson

Established in 1983 by Jim Pederson, Pederson Group Inc. specializes in the development of class 'A' retail shopping centers in Phoenix and throughout Arizona. The company prides itself in developing, revitalizing, leasing and managing quality grocery-anchored shopping centers and power centers. With 27 retail properties totaling more than 5 million square feet, Pederson provides multiple leasing opportunities for national, regional and local retailers, offering an assortment of shops, pads and restaurant suites available for lease. Pederson’s vast array of centers feature upscale and enjoyable environments for shoppers, and high-profit opportunities for its growing assortment of retail tenants. For more information, visit www.pedersoninc.com.

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
1 713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

Asia Pacific Headquarters

1 Connaught Road, 28F
Central, Hong Kong
China
852 3651 6198

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
1 212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
1 312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
1 770 206 5300

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
1 713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111
United States
1 415 982 6200

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong
China
852 3651 6198

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 1000, One Museum Place
669 Xin Zha Road, Jing An District
Shanghai, PRC 200041
China
86 21 6087 2200

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

info.italy@hines.com

Japan

4F Akasaka K Tower
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 3 6890 3205

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Rokin 69
Amsterdam 1012 KS
Netherlands
31 6204 93834

Nordic Countries

Forbindelsesvej 4
2100 Copenhagen O
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

Spain

Paseo de la Castella 110 - 2º B
Madrid 28046
Spain
34 91 703 00 23

South Korea

Three IFC, Level 43
10, Gukjegeumyung-ro, Yeongdeungpo-gu
Seoul 07326
Republic of Korea
82 2 6138 4401

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900