REBusinessOnline

IPA Brokers $60.5M Sale of 402-Unit Multifamily Property in Tempe, Arizona

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the

HSL Properties Acquires Two Multifamily Assets in Tucson for $37.4M

TUCSON, ARIZ. — HSL Properties has purchased two multifamily properties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site amenities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties …

Byrd Hotel Group Completes $20M Sale-Leaseback of Four Hotels in Metro Phoenix

GOODYEAR, ARIZ. — Byrd Hotel Group has completed the sale-leaseback of four hotel properties in Goodyear. Florida-based Kawa Capital Management acquired the properties for $20 million. The properties are the 90-room Red Lion Inn & Suites at 1313 N. Litchfield Road, the 110-guestroom Hampton Inn & Suites at 2000 N. Litchfield Road, the 100-key Holiday Inn & Suites at 1188 N. Dysart Road and the 78-suite Residence Inn at 2020 N. Litchfield Road. The four limited- and full-service …

Golden Eagle Distributors Sells Industrial Building in Tucson for $13.3M

TUCSON, ARIZ. — Golden Eagle Distributors, a Tucson-based beer distributor, has completed the sale of a 161,212-square-foot industrial building located at 705 E. Ajo Way in Tucson. 6455 Box Springs Blvd. LLC purchased the property for $13.3 million. Stephen Cohen and Michael Hammond of Cushman & Wakefield | PICOR represented the seller, while Art Day of CBRE represented the buyer in the

Orion Investment Brokers Acquisition of Nine-Acre Land Parcel for Multifamily Development in Chandler, Arizona

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Investments for $4.4 million. The buyer plans to develop The District at Chandler, 340-unit multifamily project on the site. Larry Kush of Orion represented the buyer in the

Inland Real Estate Acquires Two Medical Office Buildings in Metro Phoenix

MESA AND CHANDLER, ARIZ. — Inland Real Estate Acquisitions has negotiated and closed on the purchase of two Swagel Wootton Hiatt Eye Centers in Mesa and Chandler, approximately 20 miles east of Phoenix. Matthew Tice of Inland Real Estate Acquisition and David Neboyskey of The Inland Real Estate Group Law Department completed the deal on behalf of an Inland affiliate. Located at 220 S. 63rd St. in Mesa and 3940 S. Alma School Road in Chandler, the properties provide a combined total of …

Graycor Construction Co. to Build Phase One of Prologis I-17 Logistics Center in Phoenix

PHOENIX — Prologis has selected Graycor Construction Co. for the first phase of its new Prologis I-17 Logistics Center, located on 25 acres of infill space within Phoenix's 7th Street Corridor. When complete, the first phase will comprise four buildings offering a total of 558,712 square feet of industrial space, divisible from 25,000 square feet to 211,000 square feet. The project is located at 2111-2145 S. 7th St. at the southeast corner of 7th Street and Interstate 17. Graycor will …

Neilstate Investment Properties Sells Multifamily Community in Phoenix for $5.5M

PHOENIX — Neilstate Investment Properties has completed the disposition of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93-unit community offers a value-add opportunity to renovate and reposition the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the

Aukum Group Buys 224-Unit Multifamily Property in Arizona for $41M

GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, …

Faris Lee Brokers $9.8M Acquisition of Retail Property in Phoenix

PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the …

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