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

Cadence at Carino Commons Community planned at the northwest corner of Arizona Avenue and Queen Creek Road

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.

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