REBusinessOnline

Cushman & Wakefield Arranges $6.9M Sale of Two Walgreens-Occupied Assets in Metro Phoenix

PHOENIX AND SURPRISE, ARIZ. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colo. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, Calif.-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 …

NXT Capital Closes $21M Acquisition Loan for 174-Unit Apartment Community in Phoenix

PHOENIX — NXT Capital has closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a Class B apartment community in Phoenix. Located 15 miles north of downtown Phoenix, Enclave at Paradise Valley features 174 apartments, a fitness center, clubhouse, business center, barbecue area with picnic tables, pool, hot tub and covered parking. Mark Schulder of BlueGate Partners’ New York City office placed the loan with NXT

Wood Partners Breaks Ground on 300-Unit Alta Warehouse District in Phoenix

PHOENIX —Wood Partners has broken ground on Alta Warehouse District, a multifamily property in Phoenix. Located at 402 W. Lincoln St., the four-story property will feature 300 apartments, a double-height clubhouse area and game room, oversized fitness center, resort-style pool, rooftop entertainment space and a library and music room, as well as cultural, community-based amenities and programming. Scheduled to open in the second quarter of 2020, Alta Warehouse District is expected to …

CVG Properties Acquires Verde Dimora Apartment Complex Near Phoenix for $27M

MESA, ARIZ. — CVG Properties has purchased Verde Dimora, an apartment community located on the corner of Power and McKellips roads in Mesa. Western Wealth Capital sold property for $27 million, or $176,470 per unit. Verde Dimora features 153 apartment units in one- and two-bedroom layouts, a seasonally heated resort-style pool and spa, fitness center, clubhouse, barbecue and picnic area, community garden plots, community-wide recycling program, dog wash station, electric vehicle charging …

Eisenberg Co. to Deliver Two Industrial Projects in Metro Phoenix in Fourth-Quarter 2019

AVONDALE AND TOLLESON, ARIZ. — Phoenix-based Eisenberg Co. plans to complete two industrial projects in metro Phoenix in fourth-quarter 2019. Construction for the projects — Avondale 107th and Washington 83 — is slated to start this quarter. Combined, the properties will offer a total of 533,541 square feet of industrial space. On behalf of Eisenberg Co., Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the purchase of the land for the two developments in …

Capital One to Open First Café Location in Arizona at Scottsdale Fashion Square

SCOTTSDALE, ARIZ. — Capital One is slated to open its first Capital One Café location in Arizona at Macerich’s Scottsdale Fashion Square in early 2020. As the first of its kind in Arizona, Capital One Café integrates digital tools and in-person interactions focused on customer needs. Open to both Capital One account holders and non-account holders, the café will offer customers a place to get help with their accounts, learn about new digital and financial tools, free Wi-Fi, and coffee …

IPA Brokers $26M Sale of Modern on Peoria Apartments in Arizona

PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Modern on Peoria, a multifamily asset in Peoria. Goodman Real Estate acquired the property for $26 million, or $120,370 per unit, from a joint venture between Modern Residential Co. and Henley USA. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Completed in 1984 and situated on nine acres, Modern on Peoria features 216 …

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in …

Continental Realty Advisors Sells Courtney Village Apartments in Phoenix for $62.2M

PHOENIX — Denver-based Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2 million. Constructed in 2002, CRA originally acquired the 368-unit property in partnership with HQ Capital in June 2016. Greystar Property Management managed the asset for 2.5 years. CRA upgraded property’s clubhouse/leasing center, fitness center and pool area, as well as renovated unit interiors, including flooring, appliances, …

B.H. Properties Buys Honeywell Aerospace Glendale Office/Industrial Campus in Arizona

GLENDALE, ARIZ. — Los Angeles-based B.H. Properties has purchased the Honeywell Aerospace Glendale DSES Campus, located at 19019 N. 59th Ave. in Glendale, for an undisclosed price. Constructed in 1986 and situated on 45 acres, the property features 252,300 square feet of space, including offices, clean rooms, R&D labs and assembly areas. At the time of sale, the property was 100 percent occupied by Honeywell International, which signed a new lease to extend occupancy until July …

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