On November 9, the Menlo Group’s Stuart Milne and Rich Andrus represented multiple sellers in a large-scale deal that will positively impact the Phoenix landscape. In this deal, Wood Partners’ entity WP West Acquisitions, LLC, one of the nation’s leading real estate developers, purchased 4.18 acres in the heart of downtown Phoenix.
This land, located on the northwest corner of Thomas Road and Third Street and convenient to nearby St. Joseph’s medical complex and Phoenix Country Club, with easy light rail and freeway access, will be used to construct a new community called Alta Thomas. This new development will be made up of high-end, multi-family units and will play a predominant role in the Arizona commercial real estate environment.
According to Todd Taylor, development director for Wood Partners in Arizona and Nevada, Phoenix is one of the fastest growing metropolitan areas in the nation. “Third and Thomas will be hugely attractive to young professionals looking to connect to the vibrant culture of Midtown Phoenix.” Taylor cites the nearby light rail access as a plus for future residents. He also adds that the thoughtfully designed luxury rental units, extensive community amenities and unparalleled cultural programming will provide “a distinct backdrop for community that genuinely draws on the culture of the neighborhood.”
Menlo’s Stuart Milne wholeheartedly agrees. “This area has so much going for it,” he says. “The location is ideal for those working in Downtown Phoenix, and the access to all that our city has to offer will greatly benefit those living in what will be an amazing residential community.”
Milne adds that he, Rich Andrus, and the entire Menlo team are honored to have been a part of this deal. “The success of this project can largely be based on the collaborative efforts of everyone involved. This is a great example of how our team works together to get results.”
If you would like more information about how we at the Menlo Group can help you with your Arizona commercial real estate needs, please contact us here.