MESA, ARIZ. — Freedom Financial Funds has arranged $10.6 million in financing for the acquisition of Northpoint Shopping Center in Mesa, a suburb east of Phoenix. Built in 1987, the property spans 159,913 square feet. Tenants include Basha’s, Ace Hardware, 360 Community Thrift Store and Karen’s Hallmark. Surrounding retailers include Shell, Taco Bell and McDonalds. Details on the buyer and seller were not disclosed.
MESA, ARIZ. — Peak Southern LLC has purchased a 5.8-acre land site, located at 10834 E. Southern Ave. in the Phoenix suburb of Mesa. Signal Butte & Southern LLC sold the property for $3 million. John Jackson and Kristina Remon of Colliers in Arizona negotiated the transaction. The buyer plans to develop a retail center on the site. According to Colliers, the property will be divided into three pad sites that are available for purchase, build-to-suit or ground lease, and construction of the retail buildings will be based on purchase or lease timing.
BUCKEYE, ARIZ. — Sunbelt Investment Holdings (SIHI) has broken ground on Buckeye Commons, a retail center at the southeast intersection of Interstate 10 and Verrado Way in Buckeye, a suburb west of Phoenix. Butler Design Group designed the project, with CHASSE Building Team as general contractor. Buckeye Commons will feature more than 410,000 square feet of retail space. Currently signed tenants include Over Easy, Starbucks Coffee, Jimmy John’s, The Joint Chiropractic, State Farm and DIP Nail Bar, as well as a 160,938-square-foot Costco that opened in July 2023. The first store openings at Buckeye Commons are slated for mid-2025. Greg Laing, Zach Pace and Teale Bloom of Phoenix Commercial Advisors executed the current leases, which represent approximately 60 percent of the property’s first phase of shops and pads.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Alamo Apartments, a multifamily building in Tucson. The Twenty Lofts on Tenth LLC acquired the asset from Euclid 35 LLC for $2 million. Located at 824 E. 10th St., the 11,189-square-foot building features 20 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction.
GOODYEAR, ARIZ. — Scottsdale-based Atlas Capital Partners has completed the disposition of Elwood Rising, a speculative Class A industrial development in Goodyear, a suburb west of Phoenix. Cohen Asset Management purchased the property for $21.8 million. Delivered in January, the 120,000-square-foot building is fully leased to a global industrial field services company, which executed a long-term lease while the building was under construction. Located at 3750 S. 156th Ave., Elwood Rising features an all-concrete and secured truck court with a maximum depth of 220 feet, 3,600 square feet of office space, 32-foot clear heights and a fully air-conditioned warehouse. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented both parties in the transaction. Pat Harlan and Kyle Westfall of JLL served as the project’s leasing team and negotiated the existing lease.
CHANDLER, ARIZ. — CapRock Partners has acquired Chandler Airport Business Park, a newly finished, Class A industrial asset in Chandler. The 318,683-square-foot property features four freestanding warehouse buildings ranging in size from 56,756 square feet to 103,639 square feet, as well as access to Phoenix’s Southeast Valley region. Chandler Airport Business Park features ESFR sprinklers; ample power; large, secured, concrete truck courts; and space for 428 auto stalls, including electric vehicle charging stations. Individual building specifications include: The 20-acre property is located at the northwest corner of Cooper Road and Queen Creek Road. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the transaction. The team is also leading leasing for the property.
ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …
PHOENIX — Lasalle Co. LLC and Hannay Investment Properties have sold a 25,569-square-foot lab space at 2801 S. 35th St. in Phoenix. PR & MC Properties LLC purchased the asset for $6.3 million, or $246 per square foot. Nextmune, a global animal pharmaceutical company, fully leases the property. Originally built in 1991, the building was renovated last year to include a state-of-the-art, FDA-certified laboratory and manufacturing facility with multiple clean rooms and built-in coolers. Situated on 1.9 acres, the property serves as one of Nextmune’s five laboratory facilities around the globe and its only U.S. location. The property features 142 parking spaces, a gated yard and loading docks with one grade-level door and one truck well. Geoffrey Turbow of CBRE Investment Properties represented the seller in the deal.
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Alta Chandler at The Park, a mid-rise apartment community in the Phoenix suburb of Chandler. Wood Partners sold the asset to Olympus Property for $94.5 million, or $324,742 per unit. IPA Capital Markets also arranged $52 million in acquisition financing for the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged the loan, which features eight years of interest-only payments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the acquisition. Atla Chandler features 291 apartments with open-concept floor plans; nine-foot ceilings; laundry closets with full-size or stackable washers/dryers; extended primary bedrooms with dedicated work-from-home space; and separate den or loft quarters. Select units have direct-access garages. Community amenities include an open-concept leasing office and clubhouse, convenience market, sky lounge, fitness center and private multi-purpose fitness room.
GLENDALE, ARIZ. — Bradford Allen’s investment arm has purchased Aloft Glendale at Westgate, a hotel located at 6920 N. 93rd Ave. in the Phoenix suburb of Glendale. Terms of the transaction were not released. The 100-room hotel features an outdoor splash pool, Re:charge fitness center, gift shop, convenience store, meeting spaces, social lounge and the WXYZ bar featuring a full menu, signature cocktails and live music. Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction. The acquisition marks the Bradford Allen’s second purchase in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.