Chandler land parcel sold to senior housing developer for $3.257 million

Cadence at Carino Commons Community planned

Phoenix, June 6, 2019 – A 7.49-acre land parcel at the northwest corner of Arizona Avenue and Queen Creek Road in Chandler, Arizona, sold for $3,257,134. The buyer, HSH-Chandler Owner AZ LLC, plans to develop a full-service senior housing project on the land.

“This transaction has been three years in the making,” says Tim Dulany, senior vice president with Colliers International in Arizona. “All neighboring property owners and parties to the deal worked tirelessly and creatively to formulate a project design that would satisfy everyone’s goals and requirements. The resulting senior housing community will be a wonderful asset to serve the property type demand for the area and has been enthusiastically embraced by the city of Chandler.”

Dulany represented HSH-Chandler Owner AZ LLC (a partnership of Cadence Senior Housing and Global Senior Housing) in the land purchase. Larry Ortega, executive vice president of Colliers in Arizona represented the land seller, Carino Commons Investors LLC. Dulany has more than 25 years of healthcare and senior housing real estate experience, representing developers and operators to buy, sell and/or develop senior housing projects throughout the western U.S.

Global Senior Housing, a San Diego-based developer of senior housing properties, will build Cadence at Carino Commons on the site. Scottsdale-based Cadence Living will then handle management and operations of the senior community. Cadence is recognized for its SYMPHONY program, which offers a holistic approach to community engagement involving all aspects of life: physical, intellectual, emotional, social and spiritual.

Cadence at Carino Commons will be a three-story project, consisting of approximately 206,283 square feet of space. The proposed 191 units will include independent living, assisted living and memory care residences. The unit mix will include 26 memory care units, 18 studios, 99 one-bedroom and 48 two-bedroom units. The developer has a proposed ground-breaking of the project in September 2019, with completion slated for second quarter of 2021. 

Global Senior Housing was founded in 2013 by Ron and Nick Walsh. Having understood the demographic trends and need to satisfy growing demand for senior housing, the duo combined their expertise in real estate and finance to develop projects in the sector. The company forms strategic joint ventures with exceptional operators to manage the marketing, lease-up and operations of their communities. In addition to the Chandler property, Global Senior housing is currently working on senior communities in Idaho, Washington and Texas.

Cadence Senior Living owns and operates senior communities throughout Arizona, Colorado, Tennessee and Georgia. Leadership of Cadence provides seasoned expertise in real estate, senior housing development and senior housing management. Cadence is recognized for its devoted approach to health, wellness and creating vibrant communities that offer residence exceptional lifestyles. This will be Cadence’s fourth community in the Greater Phoenix area, joining properties in Glendale, Mesa and Scottsdale.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

Colliers International in Arizona has served clients locally and globally for more than 35 years.


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Tim Dulany

Senior Vice President

Phoenix

As a senior vice president and associate broker with Colliers International, I specialize 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.

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

My 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, I focus on the big picture and end goals for clients. I don’t get stuck in the weeds or suffer from the paralysis of analysis. Instead, I concentrate on making successful deals for my clients.

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

Previously, I was with GSIC, an international pension fund REIT, where I 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. My commercial real estate experience also includes NAI Horizon and Grubb & Ellis in metro Phoenix.

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Larry Ortega

Executive Vice President

Phoenix

I specialize in the sale, leasing and development of retail properties. Over the years, I have had the opportunity to work developing power centers, neighborhood centers, lifestyle centers, as well as stand-alone retail buildings, and especially restaurant buildings. I also represent leading local, regional and national retail tenants.

On large projects, I partner with team members who specialize in specialty office and retail, as well as multifamily. I specialize in redevelopment of urban retail in downtown Phoenix, Tempe and Mesa 

I rejoined Colliers International in 2010, and was previously with Colliers from 1990 to 2006. Prior to rejoining Colliers, I was a senior vice president with Staubach Retail from 2006 to 2009, specializing in shopping center development, tenant and landlord representation, and dispositions.

From 1987 to 1990, I was with Arizona Retail Group/Chain Links, specializing in retail tenant representation. Previously, I was vice president of retail development for Trinity Development, where I developed two million square feet of neighborhood and specialty centers in Arizona and Colorado. Prior to that, I formed a partnership to syndicate large land parcels in west and northwest Phoenix from 1982 to 1986.

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