Virtua Partners announced today that it has completed the sale of a 2.32-acre hotel site located off the Southeast corner of McDowell Road and 91st Avenue in the City of Tolleson. An affiliated entity, Virtua West Valley Hotels, purchased the site for $1,010,592 or $10 per square foot. Virtua affiliate Quyp Hospitality plans to build a Fairfield Inn and Suites on the site.
The 2.32-acre parcel is part of an approximately 21-acre mixed use site that Virtua purchased in May of 2016 for $2,550,000, or $2.83 per square foot. The project zoning and site plan were processed through the City of Tolleson and approved in February of this year. Sales activity on the project has been strong and two additional commercial lots are in escrow and expected to close in the next 60 days.
“The Phoenix regional economy continues to perform strongly,” said Nick Montague, President of Quyp Development. “The underlying economic fundamentals appear solid and we are expanding our Phoenix Area development pipeline. We currently have 20 development projects located across the metroplex in Phoenix, Mesa, Peoria, Avondale, Tolleson, Goodyear, Glendale, and Queen Creek.”
Virtua Partners affiliate Versant Commercial Brokerage, Inc. assisted in structuring the transaction. About Virtua Partners: Virtua Partners is a private equity firm specializing in commercial real estate. Virtua sponsors a variety of investment funds and commercial real estate projects across the United States and currently has 16 million square feet of assets under management or development.
Our investment products range from fixed income to aggressive growth in a variety of asset types including office, flex office, industrial, hospitality, single family residential, multi-family and mixed-use projects. Virtua Partners and its affiliates provide debt and equity origination, asset and property management, debt restructuring, commercial real estate development, and fund management.