PHOENIX—In this edition of Deal-Tracker, Wetta Ventures, Arizona State University Foundation and SkySong, The ASU Scottsdale Innovation Center announces a partnership to develop a $5 million, multiple-restaurant building at the thriving Scottsdale project.

This announcement comes on the heels of Wetta Venture's successful redevelopment and opening of the Annex (615 S. College) at ASU in Tempe, which is a public-private venture with ASU. Postino Winecafe and Snooze, an AM Eatery, both opened at the Annex last fall. In November of last year, Wetta Ventures made headlines with the development and sale of its adaptive reuse project, Old School O7, for a record price-per-square-foot. The company is now working on a high-profile retail and office project on the Camelback Corridor, CB20, in Phoenix.

Prominently located at the northeast corner of Scottsdale Road and SkySong Boulevard, the new 12,000 square foot development is expected to include three to four tenants, one of which will be a 4,500 square-foot, farm-to-table restaurant. A unique feature to the development will be a 3,000 square-foot garden that will be professionally installed and curated.

Expected to break ground in January 2016, this will be the first and only restaurant project to service the 42-acre Innovation Center. Completion is slated for the second quarter of 2016. Wetta Ventures is currently seeking prospective restaurants looking to open in the fall of 2016. Brad Douglass and Ryan Leavitt of Cassidy Turley have been retained to manage the leasing.

“We are excited to partner with ASU Foundation, especially on such a high-profile project within SkySong,” says David Wetta, founder of Wetta Ventures. “We strive to deliver very special environments that create an experience for tenants and customers. SkySong is on the global stage where people and influencers will gather from all over the world. This project will reflect the vision, imagination and innovation of SkySong with subtle references to the history of this property. Our building will provide a significant experience that people will have upon arrival. There's a lot of responsibility to make this a one-of-a-kind food and beverage destination that will reflect the uniqueness of the overall development.”

Michael Rumpeltin of Brick & West Design is leading the architectural design of the project. Modern in design, the new space will blend indoors and outdoors with expansive operable glass and will be designed to integrate the landscape and the building. The massive shaded outdoor space will be home to a combination of restaurant dining patios and public open space. Lushly landscaped, the space is protected from the sun during the warmest months of the year by a 45-foot cantilevered overhang that will be clad in translucent panel material and lit to provide the ambient lighting for the outdoor space. Brick & West is known for timeless design, immense creativity and designing some the Valley's most-celebrated restaurants.

“We have seen first-hand at ASU the quality of work Wetta Ventures brings to the table,” says Don Couvillion, vice president of real estate for the ASU Foundation. “We are excited about the opportunity to create the same kind of quality facility at SkySong and enhance the mixed-use nature of the project.”

PHOENIX—Commercial real estate developer SimonCRE purchases a 7,000-square-foot retail building from a popular Scottsdale restaurant located within the Sonora Village Shopping Center. The building is located at 15544 N. Pima Rd. in Scottsdale, just off Frank Lloyd Wright and the Loop 101.

After nearly 20 successful years in business, Los Olivos Norte closed their doors. The owners will continue to operate the downtown Scottsdale location at 7328 E. 2^nd Street.The owners were looking for a good exit strategy for this location and thought this was a great opportunity to work with SimonCRE.

“This retail building is in an excellent location in a thriving center,” says Josh Simon, president of SimonCRE. “Although one popular restaurant is closing, we're confident this new restaurant will have much success here.”

SimonCRE has already signed a lease with an exciting new Asian fusion concept, which will offer Asian and American cuisine options, sushi, and handcrafted cocktails in a stylishly sophisticated atmosphere. The tenant's name will be released at a later date.

Major restaurants and retailers in Sonora Village Shopping Center include O.H.S.O. Brewery, Wildflower Bread Company, Staples, Best Buy, Hi-Health and Golfsmith.

.PHOENIX—On behalf of a Phoenix based private real estate investment company, JLL's capital markets experts announced that the firm has completed the sale of three Dos Gringos Restaurants located in Chandler, Tempe, and Scottsdale. The purchaser was Store Capital, a publicly traded net lease REIT based in Scottsdale. The purchase price for the portfolio was $4.7 million or $379 per square foot and totalled 12,431 square feet.

The properties were located at 1361 N. Alma School Rd., Chandler; 4209/4213 North Craftsman Court. Scottsdale; 8000 South Priest, Tempe.

Matt Berres and Tyson Switzenberg led the JLL team on this transaction.

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