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11/04/15
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Arizona State Credit Union and Cole Investment Group purchased a 1.45-acre retail pad at Kierland One, an office building in the North Scottsdale Airpark submarket. It was sold by Texas-based Hines.
Arizona State Credit Union purchased a 25.7k sf section of the pad and has plans to build a 4.4k sf state-of-the-art branch, which will include a drive thru and a modern customer lobby. Cole Investment Group, out of Scottsdale, purchased the remaining 37.3k sf of the pad and will develop over 8k sf 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 is located at 16430 N. Scottsdale Rd, across from the Promenade Shops within the Kierland master-planned development.
"Scottsdale Road and the Kierland area are highly desirable areas for retailers. In addition to the general public, we will provide services to over 700k sf 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.
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