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De Rito Partners, Inc. Successful in Brokering Two Significant Adaptive Reuse Projects

Tuesday, 01 March 2016 23:26

Phoenix, AZ –  Marty De Rito and Martin Leon of De Rito Partners, Inc. assisted Phoenix Motors in the relocation and acquisition of their new Mercedes-Benz of Scottsdale dealership now located at 4725 N. Scottsdale Road (this transaction won NAIOP’s Transaction of the Year in 2015).  De Rito Partners, Inc. then brokered a deal for a new adaptive reuse project involving the former Mercedes-Benz dealership. This time, Marty De Rito and Martin Leon, III of De Rito Partners Inc. assisted Anita and Chuck Theisen with the sale of the 7.2 acre site located at the SEC of 3rd Avenue & Indian School Road in Phoenix. The sale price is approximately $8 million by 225 W. Indian School LLC (Chuck Theisen, principal) to Evergreen Devco and is expected to close next month.  Evergreen Devco (Bruce Pomeroy, Andy Skipper, et al., principals) will reuse most of the current building in developing a 306-unit luxury apartment complex which will be located just west of the light rail line running along Central Avenue.  

Plans from Todd & Associates Inc. in Phoenix show 300 rental units in a newly-built, four-story structure, 6 loft-style apartments on top of the existing showroom that will be used as a clubhouse and sales offices, and a second floor mezzanine level targeted for an exercise facility.  “We are proud to be an important part of another adaptive reuse project that creates new life for old buildings.  The reuse of existing buildings contributes to the economic vitality of metropolitan Phoenix, promotes building efforts and creates more vibrant neighborhoods,” said Marty De Rito.

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