REBusinessOnline

VanTrust Real Estate Acquires 20-Acre Land Parcel for Mixed-Use Development in Chandler, Arizona

CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently …

Orion Investment Real Estate Brokers $14.4M Sale of Medical Office Facility in Phoenix

PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and …

Mayo Clinic to Double Size of Phoenix Campus with $648M Project

PHOENIX — Mayo Clinic has announced plans to double the size of its Phoenix medical campus with a $648 million expansion over the next five years. Dubbed the Arizona Forward Project, the plan will add 1.4 million square feet of building space to the existing 1.7 million square feet, with expanded clinical capacity, support services and infrastructure near Loop 101 and 56th Street in North Phoenix. Highlights of the expansion include a six-story patient tower; three-floor addition to the …

CBRE Global Investors Buys Industrial Center in Arizona for $48.5M

PHOENIX — Los Angeles-based CBRE Global Investors Acquisitions has purchased Southwest Industrial Center, an industrial asset located at 7775 W. Buckeye Road in Phoenix. Houston-based Hines sold the property for $48.5 million. Constructed in 2015, the 684,420-square-foot facility features 32-foot clear heights and Class A cross-dock distribution space. Bo Mills, Mark Detmer, Ryan Sitov, Marc Hertzberg and Anthony Lydon of JLL Capital Markets represented the seller in the

Evergreen Devco Breaks Ground on 258-Unit Apartment Community in Phoenix

PHOENIX — Evergreen Devco has broken ground on Parc at South Mountain, a luxury apartment community located at 3400 E. Southern Ave. in Phoenix. Situated on 10.8 acres, the development will feature 258 garden-style apartment units with wood-inspired plank flooring, quartz countertops and stainless-steel appliances. On-site amenities will include a resort-style pool and spa. The property’s leasing office is slated to open July 2019. The project team includes Todd & Associates as …

Tonti Properties Sells 173-Unit Multifamily Community in Arizona for $22.5M

TEMPE, ARIZ. — Tonti Properties has sold Wilshire Pines, a multifamily property located at 208 E. Baseline Road in Temple. Sheiner Group acquired the asset for $22.5 million. Built in 1979, the property features 173 apartment units. Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Cliff David of Marcus & Millichap represented the seller and procured the buyer in the

SRS Real Estate Partners Directs $14.7M Acquisition of Retail Center in Chandler, Arizona

CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shopping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS' Phoenix office represented a private investor in the $14.7 million acquisition. Scottsdale, Ariz.-based BernsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square-foot property was 90 percent occupied at the time of sale. Christ's Church of the Valley is …

Trimark Property Group Acquires Two Hotels in Metro Phoenix for $22M

GLENDALE, ARIZ. — Pacific, Wash.-based Trimark Property Group has purchased two hotels located in Glendale for $22 million. The properties are a Staybridge Suites at 9340 W. Cabela Drive and a Holiday Inn Express & Suites at 9310 W. Cabela Drive. Constructed in 2007 and 2008, the two properties are situated on 4.5 acres and feature a total of 212 guest rooms. James Meng and Jon Grantham of Colliers International Greater Phoenix represented the buyer in the deal. The seller was …

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster's Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a …

Taylor Street Real Estate Negotiates $3.1M Sale of Apartment Community in Phoenix

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Campbell Apartments, an apartment community located at 2417 E. Campbell Ave. in Phoenix's Biltmore area. An undisclosed buyer acquired the asset for $3.1 million, or $131,250 per unit. The buyer plans to renovate the property, which features 24 apartment units. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the undisclosed seller in the

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