BULLHEAD, ARIZ. — Faris Lee Investments has arranged the sale of a 52,944-square-foot retail asset located within City Square Shopping Center in Bullhead. An undisclosed seller sold the property for $7.1 million. The name of the buyer was not released. The transaction included Smart & Final Extra! and Ashley Homestore, both of which are triple-net lease tenants. Chris DePierro of Faris Lee represented the seller in the deal.
MESA, ARIZ. — Marwest Enterprises, as developer, and Willmeng Construction, as general contractor, have broken ground on a 235,000-square-foot build-to-suit industrial facility for Canada-based ElectraMeccanica Vehicles Corp., a Canada-based designer and manufacturer of environmentally efficient electric vehicles. The facility will feature an assembly line and manufacturing plant, research center, 22,000-square-foot office space and 19,000 square feet of lab space. ElectraMaccanica will lease the building from Marwest Enterprises. Ware Malcomb is serving as architect and Hunter Engineering is serving as engineer for the project. Situated on 18 acres adjacent to the Phoenix-Mesa Gateway Airport, the facility will have the production capacity of up to 20,000 vehicles per year and employ 200 to 500 people. Completion is slated for spring 2022.
PHOENIX — San Diego-based MG Properties Group has purchased The Retreat Apartments, a garden-style multifamily community located in Phoenix’s Deer Valley submarket. Completed in 1997, the 480-unit property is a value-add opportunity for MG Properties. Brian Eisendrath and Cameron Chalfant of CBRE arranged an $81.5 million, seven-year, fixed-rate financing for the acquisition. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller.
PHOENIX — Fort Worth, Texas-based MAG Capital Partners has acquired a cold-storage warehouse property located at 2721 W. Willetta St. in Phoenix. Lin’s Distribution Corp. sold the property for an undisclosed price in an off-market, sale-leaseback transaction. Built in 1980 on 1.7 acres, the 38,300-square-foot facility features five truck wells and two industrial GL doors. The multi-tenant property is fully occupied by Lin’s Distribution Corp., Red Bird Farms Distribution Co. and Bon Suisse. Concurrent with the sale, Lin’s signed a long-term leaseback deal to continue to occupy the property. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer, while Oscar Lopez and Steve Lowe of Matthews Real Estate represented the seller in the transaction.
TEMPE, ARIZ. — Decron Properties has entered the Arizona market with the purchase of Broadstone Rio Salado, an apartment community in Tempe, for $96.1 million. The name of the seller was not released. Completed in 2020, Broadstone Rio Salado features 278 apartments in a mix of studio, one- and two-bedroom floor plans with gourmet kitchens, quartz countertops, stainless steel appliances, wood-style flooring and in-unit washers/dryers. Community amenities include a resort-style pool and spa; poolside cabanas; clubhouse with demonstration kitchen and coffee bar; two-level fitness center with virtual training; outdoor entertainment lounge; on-site bike storage; package lockers for resident deliveries; and a dog park.
MESA, ARIZ. — Western Wealth Capital (WWC), along with its investment partners, has acquired Villetta Apartment Homes in Mesa for an undisclosed price. Originally constructed in 1983, Villetta features 352 apartments less than four miles from the Arizona State University campus. Villetta is WWC’s 96th acquisition since its founding in 2014. The company owns properties in Dallas, Houston, Phoenix, Atlanta, San Antonio and Las Vegas.
PHOENIX — Merit Partners has selected Stevens-Leinweber Construction (SLC) to build PLC Two, the second building at Phoenix Logistics Center within Phoenix’s Interstate 10 Corridor. The building will feature 481,600 square feet of speculative industrial space with 40-foot clear heights, eight-inch reinforced floors, 70-foot speed bays, a 190-foot truck court, 436 auto parking stalls and 157 trailer parking stalls. Additionally, it will feature 160 dock-high and six grade-level doors. Construction of PLC Two is underway with shell completion expected by end of the third quarter. PLC Two will be adjacent to PLC One, a fully leased, 268,872-square-foot industrial building. Ware Malcomb is serving as project architect for PLC Two. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are handling leasing for the building.
PARADISE VALLEY, ARIZ. — Fort Worth, Texas-based Olympus Property has completed the sale of Cactus Forty-2, a multifamily property located in Paradise Valley, a northeast suburb of Phoenix. Los Angeles-based Ezralow Co. acquired the community for $56 million. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 4242 E. Cactus Road, Cactus Forty-2 offers 200 apartments in a mix of studio, one- and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanities, large soaking tubs, in-unit washers/dryers and private patios or balconies on some units. On-site amenities include a pool and spa, outdoor kitchen, fireplace and gathering place, fitness center, clubhouse, pet park, covered parking and gated access.
GLENDALE, ARIZ. — NexCore Group, a national healthcare real estate developer, and Banner Health have opened Banner Health Center Plus in Glendale, the health system’s latest multi-specialty health center. Located at 7701 W. Aspera Blvd., the three-story, 128,413-square-foot center is Banner Health’s largest such facility to date. The property features 128 exam rooms, 13 imaging rooms, and 45 physicians offering comprehensive clinical services such as family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN. Additionally, the center offers lab, pharmacy and advanced CT and MRI imaging services, plus a wellness trail around the site for patients and staff. The development team included SmithGroup as architect and Haydon Building Construction as contractor.
TUCSON, ARIZ. — An affiliate of Los Angeles-based Portal Investment Management has purchased Rolling Hills Square, a grocery-anchored shopping center located in Tucson. Cincinnati-based Phillips Edison & Co. sold the property for an undisclosed price. Situated on 12.3 acres at the southwest corner of Kolb and Golf Links roads, Rolling Hills Square features 114,102 square feet of retail space. At the time of sale, the property was 96.2 percent occupied with Fry’s Food & Drug as the anchor tenant. Michael Hackett and Run Schubert of Cushman & Wakefield in Phoenix represented the seller and worked with the buyer to obtain acquisition financing for the asset.
