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MESA, AZ-Diversified Partners LLC and Desert Troon Cos. are teaming up again to develop a mixed-use project on a just-bought 26.81-acre tract. Red Mountain Commons, carrying an all-in tab of $40 million, will have 150,000 sf of retail, 60,000 sf of office and a 120-room hotel.

The Scottsdale-based partners bought the land in two separate deals. The site takes up the southwest corner of Recker and Thomas roads. A 7.96-acre tract was acquired from Kitchell Development Co. in Phoenix, who was represented by Nate Nathan and Courtney Buck with Nathan & Associates Inc., also from Scottsdale. The 18.85-acre parcel was sold by a trust handled by Chicago Title Insurance Co.’s Phoenix office. Tyler Switzenberg with Phoenix Commercial Advisors in Phoenix represented the seller. Chad Dollander, an associate with Diversified Partners, represented the joint venture buyer in both transactions.

Tim Dollander, principal with Diversified Partners, tells GlobeSt.com that the project’s first phase is the retail component, which will break ground in early 2009. And, the office component will be the last piece to be built. The entire build-out is anticipated to take 18 months, with the partnership handling the retail’s vertical development.

Dollander’s company has teamed with Desert Troon on a variety of area developments. Their partnership has produced such developments as the 650,000-sf Skyline Ranch Marketplace at the intersection of Gary Road and Hunt Highway in Pinal County and the 79,950-sf Power Market Place II at the corner of Power and Rittenhouse roads in Queens Creek.

Dollander says the partnership plans to hold Red Mountain Commons for the long haul. “This is in a high-end neighborhood near the Red Mountain Ranch community and Las Ventanas,” he explains. “This is an area with the highest household income in Mesa so Red Mountain should do quite well.” Dollander says leasing will be handled in-house. Quotes have yet to be determined.

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