REBusinessOnline

Evergreen Devco Breaks Ground on 172,000 SF Shopping Center in Metro Phoenix

GILBERT, ARIZ. — Evergreen Devco has commenced construction for The Post at Cooley Station, a grocery-anchored shopping center located at the southeast corner of Recker and Williams Field roads in Gilbert. Situated on 23 acres, the retail center will feature 23,000 square feet of multi-tenant shop space in three buildings. Anchored by Fry’s Marketplace, the project will also include AutoZone, Taco Bell and Burger King. Currently, the center is 65 percent preleased, with one junior-anchor …

Joint Venture Sells 127,612 SF Deer Valley Financial Center in Phoenix for $22.1M

PHOENIX — A joint venture between Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors has completed the disposition of Deer Valley Financial Center, an office property located at 2260 N. 19th Ave. in Phoenix. The Rodriguez Family Trust of Los Angeles acquired the asset for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE Institutional Properties in Phoenix and Geoff Turbow, Matt Pourcho and Anthony DeLorenzo of CBRE Investment Properties-SoCal/Phoenix …

Security Properties Acquires 172-Unit The Rev Apartments in Arizona for $28.2M

TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million. Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community …

Cushman & Wakefield Brokers $6.4M Sale of Multifamily Development Site in Phoenix

PHOENIX — Cushman & Wakefield has arranged the sale of a 1.52-acre land site within Roosevelt Row Arts District in Phoenix. An entity formed by Phoenix-based Alliance Residential acquired the site from Edgehill Investments for $6.4 million. The buyer plans to develop Broadstone Portland on the land, which is located at the northeast corner of Third and Portland streets. The planned 161-unit multifamily asset will feature studio, one- and two-bedroom units ranging from 620 square feet …

TSB Realty Arranges Sale of 775-Bed Student Housing Community Near Arizona State University

TEMPE, ARIZ. — TSB Realty has arranged the sale of Sterling 920 Terrace, a 775-bed student housing community located near Arizona State University in Tempe. Coastal Ridge Real Estate purchased the property in a joint venture with iA Financial Group from The Dinerstein Companies and Harrison Street Real Estate. Terms of the transaction were undisclosed. The property offers studio, one-, two- and four-bedroom units. Shared amenities include a pet park; resort-style swimming pool and hot tub; …

Fore Property Sells 340-Unit Summerly at Zanjero Multifamily Asset in Glendale for $78.5M

GLENDALE, ARIZ. — Fore Property has completed the disposition of Summerly at Zanjero, an apartment community located in Glendale. An undisclosed buyer acquired the property for $78.5 million. Located at 7375 N. Zanjero Blvd., the asset comprises 32 two- and three-story buildings spread across an 18.6-acre site. Constructed in 2018, Summerly at Zanjero features 340 units in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools with barbecues and …

Cadence Living, Ryan Cos. Complete 170-Unit Seniors Housing Community in Arizona

MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie …

Newmark Knight Frank Brokers $9.6M Sale of Alma Elliot Square Shopping Center in Metro Phoenix

CHANDLER, ARIZ. — Newmark Knight Frank has negotiated the sale of Alma Elliot Square, a shopping center in Chandler. TriGate Capital sold the asset to Orange County, Calif.-based Investment Concepts for $9.6 million. At the time of sale, the 62,164-square-foot asset was 62 percent leased to a mix of national and regional tenants, including Starbucks Coffee, O’Reilly Auto Parts, AT&T, Great Clips and Pizza Hut. Fry’s Food and Drug and IHOP also shadow-anchor the property. CJ …

ReNUE Properties Acquires 200-Unit Legacy Bungalows Multifamily Property in Phoenix for $26.1M

PHOENIX — ReNUE Properties has purchased Legacy Bungalows, a multifamily asset located in Phoenix. Legacy Partners sold the community for $26.1 million, or $130,500 per unit. Completed in 2002, Legacy Bungalows features 200 apartments in a mix of one-, two- and three-bedroom layouts with at least nine-foot ceilings and an average unit size of 852 square feet. The property is situated on 6.4 acres and less than two miles from Chase Field and Talking Stick Resort Arena. Steve Gebing and …

CCR North Starts Construction of Phase II at Crismon Gateway Village in Mesa, Arizona

MESA, ARIZ. — CCR North LLC has started construction on Phase II of Crismon Gateway Village, an approximately $40 million mixed-use project situated at the northeast corner of Crismon and Baseline roads in Mesa. The second phase will bring a mix of tenants, including Martin Dental, Vantage West and Sassy’s Café & Bakery. Current tenants include Black Rock Coffee, Bella Nail Bar, Filiberto’s, Radius Fitness and Doc’s Artisan Ice Cream. Upon completion, the master-planned …

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