West 6th Tempe, Arizona
SimonCRE acted in an advisory capacity during the due diligence and eventual purchase of the West 6th (formerly Tempe Centerpoint) condominium project in Tempe, Arizona. SimonCRE is also handling leasing of the ground floor retail space. The space enjoys excellent exposure to potentially thousands of visitors, college students and residents everyday.
Tempe Centerpoint began construction in 2006. Tempe officials, as well as area businesses and potential residents, were optimistic about the 22-story, two tower development, which was sure to bring a tremendous boost to the community. However, in mid-2008 Mortgages, Ltd., the lender on the project filed for bankruptcy. That combined with a faltering economy led to almost two years of uncertainty regarding the project’s future. The $120M dollar project remained in limbo until 2010 when it was marketed for sale after going through foreclosure. After the deal fell apart in November of 2010, all hope appeared to be lost for the sale of the project. However, in February of 2011, Zaremba was able to complete the purchase.
SimonCRE worked closely with the buyer, Zaremba Group, which is headquartered in Cleveland, Ohio. Zaremba owns Barolo Place in Scottsdale as well as apartments in Mesa and Peoria.
Contact Joshua Simon with any questions regarding the retail portion of the project.
West 6th, Tempe, AZ