Arizona

US Capital Development Breaks Ground on 599,468 SF Spec Industrial Project in Glendale, Arizona

by Amy Works September 21, 2021

GLENDALE, ARIZ. — St. Louis, Mo.-based US Capital Development has broken ground on its first development in Arizona. The first phase of Falcon Park 303 will comprise a 599,468-square-foot speculative industrial building on 36.7 acres along Camelback Road at 152nd Avenue in Glendale. The building will feature 40-foot clear heights, 92 dock-height loading doors and four drive-in loading doors. The building, which is divisible by half, is slated for completion by August 2022. The project team includes Willmeng Construction, Gray Design Group and Hilgart Wilson. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are handling leasing for the development.

September 21, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

by Amy Works September 17, 2021

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …

September 17, 2021

Acquisitions Arizona Multifamily Western

JRK Investors Buys Terraces Apartments in Prescott Valley, Arizona for $76.6M

by Amy Works September 17, 2021

PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million. Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge. Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team within Colliers International’s Arizona office handled the transaction.

September 17, 2021

Arizona Development Industrial Western

Lincoln, Harvard Buy 585-Acre Land Site for 7 MSF Goodyear Airpark Industrial Development in Arizona

by Amy Works September 16, 2021

GOODYEAR, ARIZ. — A joint venture between Harvard Investments and LPC Desert West, the Southwest regional office of Lincoln Property Co., has acquired a 585-acre land parcel in Goodyear for the development of a Class A industrial park. Situated next to the Phoenix-Goodyear Airport, Goodyear Airpark will feature up to 7 million square feet of industrial space in as many as 20 buildings at build-out. The partnership will break ground on the first phase in first-quarter 2022. The first phase will include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet. The development will also offer a retail component, providing approximately 10,000 square feet of in-line and retail pad opportunities. The buildings will offer up to 40-foot clear heights, multiple points of ingress and egress, private truck courts and ample parking. The Goodyear AirPark site has a full utilities infrastructure and is zoned for industrial and commercial use. Butler Design Group is serving as architect for the project. LPC Desert West will direct all leasing and property management. The general contractor for the project has not yet been selected. Cerberus Capital Management is the equity partner for LPC and …

September 16, 2021

Acquisitions Arizona Multifamily Western

Sares Regis Divests of 250-Unit Sedona Ridge Multifamily Community in Phoenix

by Amy Works September 14, 2021

PHOENIX — Sares Regis Multifamily Funds has completed the sale of Sedona Ridge, a garden-style apartment property located at 5010 E. Cheyenne Drive in Phoenix. Terms of the transaction were not released. Sedona Ridge features 250 apartments in a mix of one-, two- and three-bedroom units, averaging 941 square feet, with full-size washers/dryers and private patios or balconies. The community offers two swimming pools and spas, a renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and clubhouse. Mike Higgins, John Cunningham and Charles Steele of JLL Capital Markets represented the seller in the transaction.

September 14, 2021

Acquisitions Arizona Office Western

Stafford Holdings Buys 88,696 SF Office Building in Phoenix for $22.1M

by Amy Works September 14, 2021

PHOENIX — Idaho-based Stafford Holdings has purchased North Loop 101 Building D, an office building located at 19820 N. 7th Ave. in Phoenix. Los Angeles-based Regent Properties sold the property for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, while Blake Hupfer of Premiere Property Group represented the buyer in the deal. The two-story building features 88,696 square feet of Class A office space. At the time of sale, the property was fully leased to two tenants. Centuri Construction Group, a subsidiary of Southwest Gas, occupies 95 percent of the building, with Pacific Western Bank occupying the remaining space.

September 14, 2021

5120-5110-W-Indian-School-Road-Phoenix-AZ

Acquisitions Arizona Restaurant Retail Western

Marcus & Millichap Arranges $8.1M Sale of Retail Property in Phoenix

by Amy Works September 13, 2021

PHOENIX — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million. WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, spring training home to the Milwaukee Brewers. Mark Ruble and Chris Land of Marcus & Millichap’s Phoenix’s office represented the seller, while Peter James and Rob Narchi of Marcus & Millichap’s Los Angeles office represented the buyer in the deal.

September 13, 2021

Arizona Development Industrial Top Stories

CapRock Partners Breaks Ground on 3.4 MSF Spec Industrial Complex in Phoenix

by Julia Sanders September 10, 2021

PHOENIX, ARIZ. — CapRock Partners has broken ground on CapRock West 202 Logistics, a 183-acre speculative industrial project in Phoenix. The eight-building, Class A industrial warehouse complex will total 3.4 million square feet. The project will be developed in two phases. Phase I will start in November 2021, with completion and delivery anticipated by the end of 2022. The first phase will include the first five buildings, totaling approximately 2.5 million square feet. The timeline for Phase II was not disclosed. Estimated development costs were also not released. The project will feature buildings ranging from 228,000 to 1.1 million square feet, with clear heights between 32-feet and 40-feet. All buildings will feature dock-high and ground-level loading with secured concrete truck courts. Each of the buildings are designed with varying depths and are divisible to accommodate multiple tenants. The project is the largest speculative industrial development in the history of Phoenix, according to CapRock. Bob O’Neill, senior vice president of acquisitions at CapRock Partners, said the CapRock West 202 Logistics project will be bigger than any other industrial project in Phoenix by more than 1 million square feet. “Phoenix is now the fifth largest municipality in the United States, and also …

September 10, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Negotiates $33M Sale of Copper Point Medical Office Building in Gilbert, Arizona

by Amy Works September 10, 2021

GILBERT, ARIZ. — Newmark has arranged the sale of Copper Point, a medical office building located at 3530 S. Val Vista Drive in Gilbert. West Coast Capital Partners sold the asset to CA Ventures for $33 million. The two-story, 91,805-square-foot building was 96 percent occupied by multiple tenants at the time of sale. The tenant mix includes orthopedic surgery, oncology, cardiology and laboratory services. The building is adjacent to Dignity Health Mercy Gilbert Medical Center. Kathleen Morgan and Trisha Talbot of Newmark represented the seller, while the buyer was self-represented in the transaction.

September 10, 2021

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures, Pacific Life Insurance Sell Two Apartment Communities in North Scottsdale for $312.5M

by Amy Works September 8, 2021

SCOTTSDALE, ARIZ. — A joint venture between Bascom Arizona Ventures and Pacific Life Insurance has completed the disposition of Ascend at Kierland and Elite North Scottsdale in Scottsdale. The Ezralow Co. acquired the assets for $312.5 million. Built in 1996 and 1998, the 364-unit Ascend at Kierland and the 360-unit Elite North Scottsdale are surrounded on three sides by the Westin Kierland Resort golf course. Unit interiors feature luxury finishes, including quartz countertops, new cabinets, kitchen backsplashes, undermount sinks, vinyl plank flooring, upgraded lighting and plumbing fixtures, tub-to-ceiling tile surround in master bath, ceiling fans, new baseboards, two-tone paint, new blinds and crown molding in the living and dining areas. The communities offer fitness centers with separate spin and yoga rooms, renovated resident clubhouses and heated swimming pools. Ascend at Kierland also features a putting green, dog park and electric car charging station, while Elite North Scottsdale features a new swimming pool, dog park and package locker system. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

September 8, 2021

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