REBusinessOnline

Arizona

American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at..

September 25, 2017

CapRock Partners Buys 110,710 SF Manufacturing Facility in Phoenix for $8M

PHOENIX — CapRock Partners has purchased a 110,710-square-foot manufacturing facility in Phoenix for $8 million. The building is situated on 5.8 acres just east of Phoenix Sky Harbor International Airport. The asset features 30-foot clear height, 22 dock-high loading doors and two 20-foot-wide, grade-level doors. Plans are underway to transition the property to Class A space by upgrading the interior and exterior. Stein Koss and Tom Louer of Lee & Associates represented both the..

September 20, 2017

Blueprint Arranges $15.3M Sale of Two Skilled Nursing Facilities in Arizona

MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the..

September 19, 2017

Spectrum Debuts 159-Unit Seniors Housing Community in Phoenix

PHOENIX — Spectrum Retirement Communities has opened The Enclave at Anthem Senior Living, a 159-unit independent living, assisted living and memory care community in Phoenix’s North Black Canyon Corridor. The 160,000-square-foot community is located on 6.5 acres. It is Spectrum’s fourth in the Phoenix metro area, with four more currently under construction. Spectrum both owns and operates the community. Denver-based Spectrum Retirement Communities LLC operates 36 senior living..

September 19, 2017

Joint Venture Acquires Mesa Financial Plaza Office Building for $23M

MESA, ARIZ. — 1201 Partners LLC has acquired Mesa Financial Plaza, a 306,571-square-foot office building in Mesa, for $23 million. The Class A building is located at 1201 S. Alma School Road in the Fiesta District. The 16-story asset is 66 percent leased. It is situated at the southeast corner of Southern Avenue and Alma School Road. The LLC is an entity formed by Emrine LLC and PV Management LLC. Palmer Capital Inc. and Matt Nebeker of Cushman & Wakefield executed the transaction.

September 18, 2017

HJ Sims Structures $3.8M in Equity Financing in Assisted Living Community Near Tucson

MARANA, ARIZ. — HJ Sims has completed a $3.8 million financing for The Watermark at Continental Ranch, a proposed 99-unit assisted living and memory care community in the Tucson suburb of Marana. Sims provided the financing to a joint venture between affiliates of Link Development LLC and Watermark Retirement Communities, which will also operate the property. Continental Ranch will be Link’s fourth seniors housing development in Arizona. Watermark manages 40 seniors housing communities..

September 18, 2017

Barker Pacific Group Acquires 311,132 SF Office Tower in Mesa

MESA, ARIZ. — Barker Pacific Group (BPG) has acquired Mesa Financial Plaza, a 311,132-square-foot Class A office building in Mesa, for an undisclosed sum. The 16-story building is located at 1201 Alma Road. BPG plans to increase the building’s occupancy and upgrade common areas through renovations to the lobby and corridors. Updated monument signage and lighting will also be added to further enhance the building’s prominence on the skyline. BPG team secured debt financing from NXT..

September 13, 2017

WWC Holdings Buys 244-Unit Apartment Complex in Phoenix for $16.7M

PHOENIX — WWC Holdings, a Canadian investor, has acquired the 244-unit Marble Creek apartments in Phoenix for $16.7 million. The community is located at 5601 W. McDowell Road. Marble Creek was built in 1985. It was 96 percent occupied at the time of the sale. WWC plans to normalize rents and bring them to market average. The company will also invest in washer/dryer installs and interior upgrades to units. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International..

September 13, 2017

Cadence Senior Living, Emerald Investment Management Form Seniors Housing Investment Partnership

SCOTTSDALE, ARIZ., AND NEWPORT BEACH, CALIF. — Cadence Senior Living, a Scottsdale-based owner, developer and operator, and Emerald Real Estate Partners LLC, an investment management firm based in Newport Beach, have formed a strategic partnership for investing in seniors housing. According to the companies, the partnership will allow Cadence to expand its portfolio of boutique senior living. Emerald will provide additional acquisition capital, working capital and expertise in increasing..

September 13, 2017

TA Realty Purchases Industrial Portfolio in Arizona for $24.5M

SCOTTSDALE AND TEMPE, ARIZ. — TA Realty has purchased a 266,607-square-foot industrial portfolio near Phoenix for $24.5 million. The portfolio is situated in Scottsdale and Tempe. The properties include four industrial/flex assets at 9160 S. McKemy St. and 9185 and 9245 S. Farmer Ave. in Tempe, and 7400 E. Tierra Buena Lane in Scottsdale. The portfolio is more than 96 percent leased to 12 tenants across industries like IT services, transportation, automotive and home..

September 12, 2017