CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 W. O’Neil Drive.
The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property.
The 10-year Fannie Mae loan features a 30-year amortization schedule. HSL Desert Sands Properties LLC is an..
SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road.
The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000.
Major tenants currently include Yelp, SAP..
PHOENIX — Dalan Management has purchased the 224-unit Sterling on 28th Apartments in Phoenix for $14.3 million. The community is located at 11821 N. 28th Drive.
The property is situated near Metrocenter mall and the North Mountain Redevelopment Area. Dalan plans to renovate the unit interiors to reposition the asset. David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors represented both the buyer and seller, Pacific Real Estate Partners, in this transaction.
TUCSON, ARIZ. — MCR Development has completed renovation work on the 91-room TownePlace Suites by Marriott Tucson Airport. The hotel is situated less than a mile from the Tucson International Airport.
The newly renovated hotel features fully updated guest rooms and new furniture, flooring, décor and artwork in the lobby. Additional improvements include upgraded patio furniture surrounding the pool and new exercise equipment in the fitness center.
MESA, ARIZ. — Inco Real Estate Co. has acquired the 320-unit Fiesta Park Apartments in Mesa for $20 million. The community is located at 1033 S. Longmore Road.
The 10-building asset was built in 1979. It was 93 percent leased at closing. Amenities include covered parking, a clubhouse and a playground.
Mark Forrester and Ric Holway of Berkadia-Phoenix represented Inco. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, BH Properties, in this..
GILBERT, ARIZ. — A joint venture between Trammell Crow Co. (TCC) and Artis REIT has completed construction on Park Lucero Phase II, a 131,796-square-foot spec industrial building in Gilbert. The Class A building fronts the Santan Freeway (Loop 202). Park Lucero is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border.
Phase II is situated adjacent to Park Lucero’s Phase I, which was completed in 2015, and Phase III, which is..
YUMA, ARIZ. — Cushman & Wakefield Senior Housing Capital Markets has negotiated a $9 million loan for Mission Senior Living. The capital will be used to build River Valley Estates, an 88-unit assisted living and memory care community in Yuma.
River Valley Estates will feature 56 assisted living units and 32 memory care units in a 66,000-square-foot building on a 5.3-acre site. It will be Mission’s fifth property and third ground-up development.
The Cushman & Wakefield team of..
PHOENIX — Southwest Network has leased 18,000 square feet of office space at West 101 Business Center in Phoenix. The center is located at 1840 N. 95th Ave. The Arizona nonprofit organization will relocate from the Garden Lakes area in the Southwest Valley, a smaller space than in the new lease. Michael Waxman of Levrose Commercial Real Estate represented Southwest. Tyler Smith of NAI Horizon represented the landlord, ViaWest Group, in this transaction.
PHOENIX — Lincoln Property Co. (LPC) has purchased a 104,618-square-foot office building in Phoenix for $24.6 million. The Class A building is located at 2777 E. Camelback Road in the Camelback Corridor.
LPC plans to reposition the asset with lobby and common area renovations, an indoor tenant lounge and conference facility, a new outdoor lounge area, improved signage, and upgraded landscape and hardscape.
Notable tenants at the property include UMB Bank, WFG National Title, The Lavidge..
SAN DIEGO — Petco, a San Diego-based pet supplies retailer, has announced plans to open 12 new storesduring March 2017.
Each new store will offer dog training areas, adoption centers and grooming salons. New store locations include Denver and Marana, Ariz.
Petco has more than 1,500 Petco and Unleashed by Petco locations across the United States, Mexico and Puerto Rico.