Arizona

Armstrong Capital Purchases Shopping Center Portfolio in Arizona for $18.3M

by Amy Works August 3, 2021

CHANDLER, ARIZ. — Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers in Chandler, for $18.3 million. The name of the seller was not released. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction. Situated at 4205 and 4225 S. Gilbert Road, the properties were developed in 2018. Totaling 30,820 square feet, the portfolio was 92 percent leased at the time of sale. Current tenants include Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts.

August 3, 2021

Arizona Development Industrial Leasing Activity Western

Mattress Manufacturer MLILY Leases 1.3 MSF Industrial Complex Near Phoenix

by Amy Works August 2, 2021

GLENDALE, ARIZ. — MLILY, a global mattress manufacturer, has signed a lease to occupy 1.3 million square feet at Glendale 303 (G303) in Glendale. The lease fills a just-completed, 569,520-square-foot industrial building and initiates an expansion of G303 to fulfill the tenant’s larger, single-building lease requirement. Hines, with funds managed by Oaktree Capital Management, developed the Class A industrial facility. At full buildout, G303 will be the largest single-building Hines development to date in the United States. The newly completed building features 40-foot clear heights, 60-foot speed bays, abundant dock-high loading doors and highly functional footprints, as well as the ability to accommodate more than 550 cars. Additionally, the project features a basketball court amenity for employees. Construction on the G303 building expansion will begin during fourth-quarter 2021 and reach completion by fourth-quarter 2022. Graycor Construction Co. is serving as the project’s general contractor. Bill Honsaker and John Lydon of JLL’s Phoenix office represented Hines, while Payson MacWilliam and Yang Chen of Colliers International represented the tenant in the lease transaction.

August 2, 2021

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 25,350 SF Office Building in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — CBRE has arranged the sale of an office building located at 222 E. Fifth St. in Tucson. 222 Building LLC sold the property to 222 Tucson LP for $8.9 million. Bryce Horner of CBRE represented the seller in the transaction. Originally constructed in 1952 and redeveloped in 2014, the three-story property features 25,350 square feet of Class A office space. Mister Car Wash (NYSE: MCW), which went public in June, utilizes the property as its corporate headquarters.

August 2, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 24-Unit Vida Nueva Apartments in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

August 2, 2021

Acquisitions Arizona Healthcare Net Lease Office Retail Western

Stratton Road Realty Acquires Dobson Town Place Medical Office Building in Chandler for $10.3M

by Amy Works July 30, 2021

CHANDLER, ARIZ. — Stratton Road Realty LLC has purchased Dobson Town Place, a single-story medical office building located in south Chandler. Off Five LLC sold the asset for $10.3 million, or $232 per square foot. At the time of sale, the 44,000-square-foot property was 100 percent leased to a mix of medical, professional office and retail tenants on triple-net leases. Dobson Town Place was built in 2007 and 2008. James Taylor of Orion Investment Real Estate represented the seller in the deal.

July 30, 2021

Acquisitions Arizona Multifamily Western

Taurus Expands Multifamily Footprint in Arizona with $31.1M Apartment Community Purchase

by Amy Works July 30, 2021

MESA, ARIZ. — Taurus Investment Holdings has acquired 544 Southern, a multifamily property located in Mesa, for $31.1 million. Built in 1985, the 114,824-square-foot, Class B community features 136 apartments. This is Taurus’ fourth acquisition in the Phoenix metro within the last 12 months. The company’s portfolio now includes more than 5,800 units acquired and developed nationwide and over 725 units in the Phoenix market. The name of the seller was not released.

July 30, 2021

Arizona Development Multifamily Western

Hubbard Street Group, Cresset Real Estate Partners Break Ground on 26-Story Multifamily Building in Phoenix

by Amy Works July 29, 2021

PHOENIX — Hubbard Street Group and Cresset Real Estate Partners, as capital partner, have broken ground on Skye on 6th, an apartment property located on the southeast corner of Sixth and Garfield streets in Phoenix. Slated for completion in summer 2023, the 26-story Skye on 6th will feature 309 apartments in a mix of studio, one- and two-bedroom units, as well as penthouses on the top residential floor. Community amenities include a pool deck with cabanas, fitness center, yoga studio, steam room and sauna, a co-working area, an outdoor terrace, a dog run, party room, chef’s grade kitchen for entertainers, package storage room, bicycle storage, indoor parking and storage lockers. The project will also feature approximately 6,500 square feet of ground-floor retail space. The project team includes Shepley Bulfinch as architect and Clayco as general contractor.

July 29, 2021

Acquisitions Arizona Multifamily Western

IPA Brokers $45M Sale of Strayhorse Arrowhead Ranch Apartments in Glendale, Arizona

by Amy Works July 26, 2021

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Strayhorse Arrowhead Ranch, a multifamily property in Glendale. WhiteHaven Capital acquired the asset from Shelter Asset Management for $45 million, or $330,882 per unit. Built in 1998, Strayhorse Arrowhead Ranch features 136 apartments with full-size washers/dryers, soaking tubs, walk-in closets and oversized patios or balconies. The community also offers a resort-style swimming pool and spa. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

July 26, 2021

Acquisitions Arizona Multifamily Top Stories

IPA Arranges Sale of Parc Roundtree Ranch Apartments in Metro Phoenix for $88.8M

by Julia Sanders July 23, 2021

PEORIA, ARIZ. — Institutional Property Advisors has arranged the sale of Parc Roundtree Ranch, a 275-unit apartment property in Peoria, approximately 13 miles north of Phoenix. The property sold for $88.8 million, or $322,909 per unit. Gebing and Cliff David of IPA represented the seller, Evergreen Devco Inc., and procured the buyer, Bridge Investment Group. Completed in 2021, Parc Roundtree Ranch is located northeast of the Westgate Entertainment District, a mixed-use development in Glendale with more than 20 restaurants, retailers and entertainment venues including Yard House, Saddle Ranch, Buffalo Wild Wings and a 20-screen AMC movie theater. The Westgate district is anchored by Gila River Arena, which is the home to the National Hockey League’s Arizona Coyotes. Additionally, the apartment property is located next to Roundtree Park, a public community park with grills, a picnic area, a playground and a soccer field. The apartment community is close to the Loop 101 freeway and U.S. 60, and has access to employment hot spots such as Southwest Valley, Midtown and downtown Phoenix. Additionally, there are approximately 7,300 businesses within a 10-mile radius of the property. “The West Valley’s combination of durable jobs and growth in the distribution and industrial sectors has provided …

July 23, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $4.8M Sale of Planet Fitness-Occupied Property in Tucson

by Amy Works July 23, 2021

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.

July 23, 2021

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