In April 2015, the two Class A office buildings (Jackson and Davis buildings), the retail core and an additional 6.88 acres in Verrado’s Main Street District were purchased by HCCJ Family GP, LLC for $13.02 million.
The sale of Verrado’s Main Street comes on the heels of a series of DMB commercial sales:
In December 2013, Whitestone REIT purchased Market Street at DC Ranch for $37.4 million.
And in October 2013, DMB’s historic 22-acre Centerpoint on Mill in Tempe was sold to Mill Avenue Retail LLC for $38.35 million.
DMB’s overall business plans for the company’s commercial properties is to plan, entitle, design, build, and lease these properties. Once these properties are stable, DMB sells them at the time of optimal value. In an improving real estate market, DMB has been taking advantage of these opportunities.
DMB’s commercial team is working on the development of additional commercial districts in Verrado and plans to bring quality services and employers to support the community and the region. DMB’s Eastmark community in Mesa continues to be another focus area for DMB’s commercial team. Planning is underway for the first commercial center in that 3,200 acre community. New community development opportunities around the Valley are also being reviewed.
Contact us for more information about commercial business opportunities with DMB.