(PHOENIX) – Hines, the international real estate firm, recently sold a 1.45-acre retail pad at Kierland One, an office building in the North Scottsdale Airpark submarket, to Arizona State Credit Union and Cole Investment Group.
Arizona State Credit Union purchased a 25,696-square-foot parcel and has plans to build a 4,400-square-foot state-of-the-art branch, which will include a drive thru and a modern customer lobby.
Also on the site, Cole Investment Group of Scottsdale purchased a 37,266-square-foot parcel and will develop over 8,000 square feet of multi-tenant retail and restaurant shops.
The Arizona State Credit Union branch and the multi-tenant shops are expected to open in mid-summer 2016.
Kierland One, 16430 N. Scottsdale Road, is located across from the Promenade Shops within the Kierland master-planned development.
“We are excited to add these on-site, walkable amenities at our office building,” said Chris Anderson, managing director and city leader for Hines. “We expect Arizona State Credit Union’s branch, the restaurants, and retail shops to appeal to future tenants and the highly desirable submarket’s businesses and residents who want convenient nearby options.”
Arizona State Credit Union has 20 locations across the state and $1.7 billion in assets.
“Arizona State Credit Union has been searching for the right location to expand our presence in North Scottsdale. We are elated to be part of the Kierland master planned community. This new state-of-art branch will appeal to our growing customer base in the area,” said Dave Doss, CEO and president of Arizona State Credit Union.
“Scottsdale Road and the Kierland area are highly desirable areas for retailers. In addition to the general public, we will provide services to over 700,000 square feet of Class A office space that is within walking distance of our new restaurants and retail area,” said Scott Cole, president of Cole Investment Group. Cole Investment Group and its affiliates have developed and owned numerous retail, office, industrial and residential properties throughout Arizona.
Scott Cole, broker for Cole Real Estate Services, represented Arizona State Credit Union and Cole Investment Group in the purchases. Stan Sanchez with Colliers International and Paul Serafin with De Rito Partners represented Hines.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 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.