Release Date: Friday, September 3rd 2010
Centerpoint Towers Sold For $30 Million to Zaremba Group
For Immediate Release
9/3/2010
Kris Baxter-Ging
City of Tempe
Community Development Marketing Specialist
(480) 858-2059 kris_baxter@tempe.gov
Centerpoint Condominiums sold for $30 million
Centerpoint Condominiums has been sold for $30 million to the Zaremba Group, a national company out of Cleveland, Ohio with a Scottsdale office. http://www.zarembagroup.com
A press opportunity is being arranged for today, Friday, Sept. 3 at 1 p.m. with Zaremba, Tempe Mayor Hugh Hallman and Mark Winkleman of ML Manager, LLC at the Centerpoint project, west of Mill Avenue at Sixth Street.
The two towers are 22 and 30 stories respectively and offer 375 units. The first tower is nearly complete.
“Today’s signing is the culmination of an intense marketing process over the past several months," said Winkleman. "We received interest from over 300 buyers from around the United States and other countries and we selected Zaremba Multifamily as the best buyer for Centerpoint. The Centerpoint loans were the largest loans made by Mortgages Ltd and selling this asset is extremely important to the investors of Mortgages Ltd.”
According to Kent Chantung, director of development for Zaremba, construction to complete the project will begin in mid to late October, as soon as the legal documents clear bankruptcy court. Centerpoint will become a rental project geared toward students and young professionals who value an urban lifestyle.
Chantung said, "After a tireless and diligent effort by my Scottsdale-based acquisition team, my partners and I are excited about the opportunity to become the new stewards of the Centerpoint project in Tempe, Arizona. We look forward to bringing Centerpoint to life in the near future and for the project to be the cornerstone for new development in Greater Phoenix."
The completed project will follow the original plans for the building, with some minor revisions for plaza area. There will be retail on the ground floor. A retail consultant has been engaged, Josh Simon of The Simon Group.
“Having these buildings finished is a great step forward for Tempe and the downtown area,” said Hallman. “This will bring hundreds of new residents to our downtown on a 24/7 basis. These people will shop, dine and enjoy all that downtown Tempe has to offer. This is further proof that Tempe’s economy is returning.”
Zaremba has been actively pursuing this project for two years.
Centerpoint Condominiums will be the largest Arizona project the group has undertaken, but it is commensurate with projects they have accomplished on the East Coast and Midwest. In the Phoenix Metropolitan Area, the group has developed the Waterford at Superstition Springs and the Waterford in Peoria as well as Barolo Place in Scottsdale.
