Mountain Park Apartments in Phoenix Sells for $40.4M

PHOENIX — An undisclosed buyer has purchased the 240-unit Mountain Park apartments in Phoenix’s Ahwatukee Foothills Village for $40.4 million. The community is located at 4221 E. Ray Road. Mountain Park has immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway and the Loop 202 Expansion/South Mountain Freeway. The community was developed in 1994. Institutional Property Advisors brokered the sale.

November 21, 2017

Lincoln Property Co. to Break Ground on 901,700 SF Spec Industrial Center in Arizona

GOODYEAR, ARIZ. — Lincoln Property Co. has announced plans to break ground on Lincoln Logistics 40, a 901,700-square-foot spec industrial development in Goodyear, in December. The development will be the area’s first speculative industrial project to offer a 40’ clear ceiling heights. The project will be situated along Interstate 10 at Bullard Avenue on 50 acres within the Airport Gateway at Goodyear business park. Lincoln Logistics 40 will feature 169 dock and grade-level doors, 185..

November 20, 2017

HFF Arranges $24.5M Sale, $17.8 M Financing for Retail Center in Tucson

TUCSON, ARIZ. — HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia..

November 14, 2017

Hilton Opens Dual-Branded Hotel Property in Tempe

TEMPE, ARIZ. — Hilton has opened the new dual-branded Hilton Garden Inn Phoenix-Tempe ASU Research Park and Home2 Suites by Hilton Phoenix-Tempe ASU Research Park in Tempe. These hotels will add 228 new rooms to the Arizona State University area. Developer RB-WW Tempe LLC owns the properties, which Widewaters Tempe Hotel Management Company LLC manages. The hotels are situated across the street from the 320-acre ASU Research Park, which serves as the headquarters for GoDaddy and..

November 10, 2017

Morgan, Mesirow Financial Purchase Site for 474-Unit Pearl Biltmore Apartment Complex in Phoenix

PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site. The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices,..

November 9, 2017

Bethel Development Building Affordable Seniors Housing Community in Phoenix

PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by..

November 9, 2017

AC Hotel by Marriott to Join Mixed-Use Center in Downtown Phoenix

PHOENIX — AC Hotel by Marriott will be added to Arizona Center, a mixed-use entertainment destination in downtown Phoenix’s. The 200-room hotel will be built on a 49,190-square foot parcel on 5th Street between Fillmore and Van Buren streets. The 31-story tower is slated to begin construction in 2018. LaPour Partners is developing the hotel. Parallel Capital Partners own Arizona Center.

November 7, 2017

Wood Partners Sells 350-Unit Apartment Complex in Phoenix

PHOENIX — Wood Partners has sold the 350-unit Altera Highland apartments in Phoenix for an undisclosed sum. The community is located at 1602 E. Highland Ave. The buyer was not disclosed. Altera Highland was built in 1998. It features one- to three-bedroom units, all of which were renovated in 2017. The owners also renovated the clubhouse, fitness center, resort-style pool and spa area, private cabanas, outdoor kitchen and outdoor fireplace. CBRE’s Tyler Anderson, Sean Cunningham,..

November 6, 2017

DP Electric Buys 34,370 SF Office Building in Tempe for $3.4M

TEMPE, ARIZ. — DP Electric has purchased a 34,370-square-foot office building in Tempe for $3.4 million. The building is located at 2210 S. Roosevelt St. The space will serve as the firm’s new corporate headquarters. The office will be renovated to house the company’s entire staff under one roof. Renovations will include an open-concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. It will also include an employee gym, locker rooms,..

November 2, 2017

AllState Buys Last-Mile Warehouse Facility in Tempe

TEMPE, ARIZ. — AllState has purchased Tempe Logistics Center, a 175,314-square-foot industrial building in Tempe, for an undisclosed sum. The building is located at 1524 W. 14th St. The asset serves as a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio and 130-foot truck courts. Recent tenant improvements include the installation of full air conditioning in the office and..

October 31, 2017