Tempe - A venture formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr.principals) and Northwood Investors in New York City, N.Y. (John Kukral, pres.) paid just under $13.833 million ($59 per foot) to purchase a 234,446-square-foot office development located at 1665 W. Alameda Drive in Tempe. The seller was FNB Fountainhead LLC, a company formed by members of the Raymond Lamb family in Scottsdale (Patrick Lamb, et al., members). Maricopa County records show 1665 Alameda Property Owner LLC (Wentworth/Northwood entity) paid cash for the property. The deal was brokered byJeff Wentworth, Sean Spellman, Mike Beall and Chris Walker of Cassidy Turley in Phoenix. The single-level building, which was built in phases in 1970, 1984 and 1987, was developed and occupied by State Farm Mutual Insurance Cos. for 30 + years. The property is now mostly vacant. There will be one tenant left when the renovation work begins in December. The new owner will work around that business during the demolition, which should be finished by late Spring next year. Wentworth Jr. says the property will be completely gutted with just exterior walls left standing. Refurbishment plans for the creative office space include constructing new entrances and lobbies, replacing building skins and installing full height windows around the structure. Cost of the renovation is estimated at $20 million to $25 million. The joint venture will likely look to secure construction financing for a portion of the redevelopment. The architect is Gensler in Phoenix and the contractor is Kennedy Design Build LLC in Mesa. The Cassidy Turley agents have been awarded the leasing assignment. The office property will be able to accommodate from one to three tenants. Wentworth/Northwood intends to increase the parking to 7 spaces per 1,000 sq. ft. Rental rates still to be determined. The Lamb company owned the Tempe building for over 10 years. In May 2004, BREW reported FNB Fountainhead LLC paying $9.25 million ($39.45 per foot) to buy the 25-acre Alameda Drive property. The project, at the south end of Fountainhead Corporate Park, was occupied by First National Bank of Arizona for three years. First National Bank of Arizona, which was headed by Ray Lamb, failed in 2008 and was taken over by the FDIC. BREW has reported Wentworth Property developing, buying and selling several office and industrial projects in the Valley. The Alameda Drive investment is the second venture for Wentworth Property and Northwood Investors, both privately-held companies. In July 2011, BREW reported a company formed by Wentworth and Northwood paying $53.7 million ($61.30 per foot) to acquire a 876,000-square-foot office-industrial project located on 135 acres along the north side of Elliot Road and just west of the Loop 101 (Price Freeway) in Tempe. Freescale Semiconductor Inc. in Austin, Tex. (NYSE:FSL) was the seller of that property, which has been repositioned as an employment park called Discovery Business Campus. The Wentworth/Northwood venture is looking for more investment opportunities in the Phoenix area. Find out more from the Wentworths at (602) 296-1100. Brady Thurman is the contact at Northwood Investors . . . call him at (212) 573-0800. Patrick Lamb is at (480) 305-8500. Reach the Cassidy Turley agents at (602) 954-9000.
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