Tempe – Alberta Development Partners LLC in Greenwood Village, Colo. (Donald Provost, principal) paid $6.1 million to buy a 1.84-acre parcel just west of Arizona State University in Tempe that is approved for 187 residential units and retail use. The site is located at the northwest corner of University Drive and Ash Avenue. The seller was BREOF Tempe Land REO LP LLC, a fund owned by Brookfield Asset Management Inc. in New York City, N.Y. (NYSE:BAM). At one time, the prime land was planned for a mixed-use project called Mosaic. Plans included an 18-story residential condominium tower and 50,000 sq. ft. of ground level retail space that was to be occupied by Whole Foods. The owner had a $30 million loan to develop the project, but those plans never came to fruition and the property was foreclosed. In the recent sale of the land, public records show University and Ash Owner LLC (Alberta Development Partners entity) acquired the Tempe property with $4.293 million in financing from PCCP capital II LLC in Los Angeles, Calif. Alberta Development Partners is a privately-held firm that develops and invests in mixed-use projects located in the Western U.S. The Tempe development would be the first in the Valley for the company. Continue reading
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