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Zanjero Falls sold for residential conversion

Glendale property purchased for $10M

PHOENIX – Zanjero Falls, a three-story, grey shell building sold for $10 million. The vacant property was purchased by a local investor and will be converted into a market competitive multifamily community, further enhancing the Westgate Entertainment District in Glendale, Arizona.

Zanjero Falls was built in 2008 in the heart of Glendale’s shopping and entertainment district. The property was originally built to provide high-end medical/office condominium units for lease or purchase to small business owner/users. Unfortunately the property was completed as the Great Recession hit in 2008 / 2009. Since then, the property has been through a series of different owners, including loan defaults and bankruptcies. As a result, the interior of the property was never built out and sat idle for more than 10 years. Located at 7410 N. Zanjero Boulevard, the 7.5-acre campus contains three buildings with an underground parking facility totaling 231,272 square feet. The property also offers healing gardens, water features and a large pond with bridge at the main entrance.

Tim Dulany of Colliers in Arizona represented the seller, SZ Real Co, LLC, an Arizona limited liability company headed by a San Francisco-based investor. Nirvana at Zanjero, LLC, an Arizona limited liability company purchased the property and was represented by Sharat (Shuan) Kanaka of Paradise Valley, Arizona. 

“The seller of this property hired Colliers to bring a new, creative approach to marketing the asset for sale along with a robust national platform to market the property locally and nationally to a large buyer pool. The property had been marketed several times in the past with other smaller brokerage firms that were unable to find an appropriate buyer for senior housing uses,” says Tim Dulany of Colliers in Arizona. 

“We knew this beautiful development had great potential and identified quickly what were the highest and best uses for the property and who were the likely buyers within those specialty property types. Boldly, we set the price more than a $1.0 million dollars higher than any prior offer that was made to the sellers for the asset. Utilizing our experience and connections in the marketplace, we were able to secure multiple offers within two weeks of launching our marketing efforts, which led to a multiple competitive offers from buyers that resulted in an above-asking sale price along with an expedited close. This marks one of the best strategic marketing and success stories for our team during 2021, accomplished in the midst of COVID-19 and a challenging political/economic climate.”

Loye comments, “We have tracked this asset for many years and are excited to finally see it come to life. The Westgate Entertainment District has serious momentum with several new development projects in the works and we are happy to be a part of this movement.”

Zanjero Falls features a Spanish Colonial architectural style with balconies, arches and towers. The property is adjacent to the new Desert Diamond Casino, Phoenix Coyote hockey arena, Arizona Cardinals’ State Farm stadium and Westgate City Center. The buyer is working on design / architectural plans and city approvals to build approximately 300+ units of 1-, 2- and 3-bedroom apartments. Estimated completion date for the first phase of construction (which is to build out the existing shell building) is fourth quarter 2022 and second phase (to build new detached buildings) by spring/summer 2023.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Colliers in Arizona has served clients locally and globally for more than 40 years.
 

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Tim Dulany

Senior Vice President

Phoenix

Tim Dulany is a senior vice president and associate broker with Colliers, specializing in seniors housing, healthcare and office services, representing sellers, landlords, developers, buyers and tenants in sales, acquisitions and leasing. Clients include private equity firms, institutional REITs, developers, and individual tenants and landlords.

Tim is an expert in the full spectrum of facilities for seniors housing, healthcare and office uses, including independent and assisted living, memory care, hospice, skilled nursing, hospitals, behavioral health and substance abuse, and single- and multi-tenant medical and office buildings.

As a member of the Colliers Seniors Housing Group and Healthcare Services, Tim’s clients benefit from a national, full-service platform designed to address the specific and varied needs of the seniors housing and healthcare markets.

His in-depth expertise encompasses all aspects of seniors housing, healthcare, office properties and development. In addition to sales and leasing, services include site selection and assessment, feasibility studies, financial modeling, debt and equity sourcing, strategic planning, valuation advisory, lease analysis, construction, and portfolio management.

A dedicated professional, Tim focuses on the big picture and end goals for clients. He doesn’t get stuck in the weeds or suffer from the paralysis of analysis. Instead, he concentrates on making successful deals for my clients.

Tim is a highly respected expert, with more than 25 years of seniors housing, healthcare and office real estate experience. His career began in 1994 with the Colliers Minnesota office, before moving to Phoenix in 1997. Prior to joining Colliers in Arizona in 2009, Tim was the owner and associate broker of Landmark TCN, a commercial real estate brokerage firm in Phoenix.

Previously, Tim was with GSIC, an international pension fund REIT, where he was in charge of all leasing, construction and management of over 100 tenants in a 765,000-square-foot portfolio of high-rise office and medical towers, health club and hotel. His commercial real estate experience also includes NAI Horizon and Grubb & Ellis in metro Phoenix.

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