REBusinessOnline

Arizona

Cain Brothers Issues $252M Bond Financing for CCRC on Arizona State Campus

TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land..

January 25, 2018

HJ Sims Arranges $19M Refinancing, $5M Line of Credit for CCRC in Arizona

SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a..

January 25, 2018

KeyBank Provides $31.2M in Financing for 354-Unit Apartment Community in Arizona

NEW RIVER, ARIZ. — KeyBank Real Estate Capital has provided $31.2 million in Fannie Mae financing for the 354-unit Bela Rosa Apartment Homes in New River, northeast of Peoria. The Class A community is located at 3825 W. Anthem Way in the master-planned community of Anthem. Bela Rosa was built in 2007. It contains 37 townhome-style apartment buildings. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the financing with a 10-year term and 30-year amortization schedule. The..

January 24, 2018

Ziegler Closes $70.2M Bond Financing for 651-Unit CCRC in Phoenix

PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6..

January 19, 2018

Rich Uncles Acquires 162,714 SF Creative Office, Warehouse Space in Arizona for $26.5M

CHANDLER, ARIZ. — Rich Uncles NNN REIT Inc. has purchased a 162,714-square-foot creative office/warehouse space in Chandler for $26.5 million. The property serves as the headquarters for AvAir, a commercial aircraft parts business. The property is located at 6877 and 6971 W. Frye Road. The sale agreement allows AvAir to occupy the space for 15 years. Developed in 2015, the two buildings sit on 6.1 acres in the Santan Technology Park at the northeast corner of Loop 202 and 56th..

January 18, 2018

GrubHub Leases Office Space in San Tan Tech Center in Chandler, Arizona

CHANDLER, ARIZ. — GrubHub has leased a 29,526- square-foot spec suite at the San Tan Tech Center in Chandler. The center is located at 145 S. 79th St. The asset will be 93 percent leased once the mobile food ordering company moves in later this month. ViaWest Group acquired the 129,187-square-foot property in 2013. Other notable tenants include Arvato Digital Services, HealthTell and Amkor. JLL’s Mark Gustin, Dave Seeger and Karsten Peterson represented the landlord in this..

January 9, 2018

Avesta Communities Acquires 320-Unit Coronado Crossings Apartments in Arizona

CHANDLER, ARIZ. — Avesta Communities has purchased the 320-unit Coronado Crossings in Chandler for an undisclosed sum. The community is located at 700 N. Coronado St. in the Price Corridor. Avesta plans to fully renovate the property, upgrading all interior units and community amenities. Intel announced plans last year to invest $7 billion in a new facility in Chandler, which would create 3,000 jobs. Avesta deployed more than $119 million of equity into eight communities across four..

January 4, 2018

Pinnacle Terrace Apartment Complex in Arizona Sells for $56M

CHANDLER, ARIZ. — An institutional investment manager has acquired the 300-unit Pinnacle Terrace apartment complex in Chandler for $56 million. The community is located at 801 N. Federal St. Pinnacle Terrace is situated near West Chandler Corridor, Arizona State University Research Park and the Discovery Business Campus. It was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, TA Realty, in this transaction.

January 2, 2018

NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

DENVER — NexMetro Communities and Trez Capital have partnered to develop five of NexMetro’s Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas. NexMetro Communities is a developer of luxury leased housing communities, while Trez Capital is a private non-bank lender. NexMetro, which currently has more than 2,600 units either built, under construction or under contract, has already closed on two of the initial..

December 20, 2017

Cushman & Wakefield Brokers $25.8M Sale of Sprouts-Anchored Center in Chandler, Arizona

CHANDLER, ARIZ. — Cushman & Wakefield has arranged the $25.8 million sale of The Plant, a newly developed, 56,831-square-foot shopping center in Chandler. Ryan Schubert and Michael Hackett of Cushman & Wakefield arranged the transaction on behalf of the seller, Common Bond Development Group. Sarofim Realty Advisors acquired the asset. Sprouts Farmers Market anchors the center, which was fully leased at the time of sale to tenants including Dairy Queen, Café Rio and Starbucks..

December 19, 2017