Arizona

Kraus-Anderson, MedCraft Breaks Ground on TMC HealthCare’s Ambulatory Surgery Center in Tucson

by Amy Works May 4, 2021

TUCSON, ARIZ. — MedCraft Healthcare Real Estate and TMC HealthCare have partnered to develop an Ambulatory Surgery Center at TMC HealthCare’s Rincon campus located at 10360 Drexel Road in Tucson. The partnership selected Kraus-Anderson as contractor for the $8 million project. The 17,000-square-foot facility will provide additional medical and surgical services, as well as the ability for a 3,000-square-foot future expansion. Designed by Orcutt Winslow, the property will feature rooftop solar panels, low- and no-water use landscaping, a cool roof system to reduce heat island affects, trees to shade the building and glass, and the use of reclaimed water for irrigation. Completion is slated for spring 2022.

May 4, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Cabana on 12th Multifamily Property in Phoenix

by Amy Works April 30, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit. Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

April 30, 2021

Arizona California Company News Top Stories Western

Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50B REIT

by Julia Sanders April 30, 2021

SAN DIEGO and PHOENIX — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own. After the merger agreement closes, the combined company — operating as Realty Income — plans to create a taxable spin-off of substantially all of the office properties of both companies into a new, self-managed, publicly traded REIT known as SpinCo. Realty Income and former VEREIT shareholders are expected to own about 70 percent of Realty Income and 30 percent of SpinCo. “This is a huge game changer for the REIT market,” says Scott Merkle, managing partner of SLB Capital Advisors, which specializes in net lease transactions. “It creates the sixth largest REIT, makes Realty Income multiples larger than the nearest net lease competitor, and allows them to become …

April 30, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Buys 107-Unit Seniors Housing Property in Tucson

by Amy Works April 29, 2021

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. The seller and price were not disclosed. The new owner plans to make investments into the campus but did not release details.

April 29, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield|PICOR Arranges $3.6M Sale of Office Space in Arizona

by Amy Works April 26, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of an office space located at 4555 and 4585 E. Speedway Blvd. and 1111, 1145, 1201, 1209, 1217, 1225, 1231 N. Venice Ave. in Tucson. Serenity Holdings III LLC acquired the asset from Eugene Pamfiloff and Erena Pamfiloff for $3.6 million. The property offers a total of 31,471 square feet of office space. Thomas Nieman of Cushman & Wakefield|PICOR represented the seller, while Paul Hooker, also of Cushman & Wakefield|PICOR, represented the buyer in the deal.

April 26, 2021

Acquisitions Arizona Multifamily Student Housing Western

Taylor Street Advisors Arranges $2.4M Sale of Student Housing Property in Tucson

by Amy Works April 26, 2021

TUSCON, ARIZ. — Taylor Street Advisors has directed the sale of Saratoga Apartments, a student housing property located at 901 N. First St. in Tucson. The property is situated about 1.3 miles west of the University of Arizona. An undisclosed buyer acquired the asset for $2.4 million, or $87,500 per unit. The Class B student housing property features 16 two-bedroom units and 12 one-bedroom units. The new ownership plans to renovate the property.

April 26, 2021

Acquisitions Arizona Loans Multifamily Western

NorthMarq Negotiates $11.3M Sale of Glen Arbor Apartments in Phoenix

by Amy Works April 23, 2021

PHOENIX — NorthMarq’s Phoenix office has brokered the sale of Glen Arbor Apartments, a multifamily property located at 2250 W. Glendale Ave. in Phoenix. An affiliate of APRA Capital acquired the asset for $11.3 million. Built in 1973 and expanded in 2018, Glen Arbor features 87 apartments in a mix of studio, one-, and two-bedroom units. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of NorthMarq represented the undisclosed seller in the deal. Additionally, NorthMarq’s Phoenix team of Brandon Harrington, Bryan Mummaw and Tyler Woodard secured $10.1 million in acquisition financing for the buyer.

April 23, 2021

Arizona Development Office Western

Trammell Crow, PGIM Complete 175,112 SF Axis Raintree Spec Office Building in Scottsdale

by Amy Works April 22, 2021

SCOTTSDALE, ARIZ. — A partnership between Trammell Crow Co. and PGIM Real Estate has completed Axis Raintree, a speculative office property in Scottsdale. Located at 8605 E. Raintree Drive, Axis Raintree offers 175,112 square feet of Class A office space across three stories and structured parking. Designed by RSP Architects and constructed by Willmeng Construction, the building is situated on five acres and features 5,000 square feet of outdoor, Wi-Fi-enabled amenity space; a 1,500-square-foot tenant lounge; and a 40-person training room. Additionally, the building features touchless entries, an air testing and monitoring system and MERV-13 filters, which meets new CDC guidelines. Axis Raintree is also in the process of achieving WELL v2 Core Certfication and a WELL Health-Safety rating. Bryan Taute and Charlie Von Arenschidlt of CBRE will handle marketing and leasing of the property.

April 22, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $1.5M Sale of Apartment Property in Tucson

by Amy Works April 22, 2021

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sale of Fort Lowell Casitas, a multifamily community located at 1501-1503 E. Fort Lowell Road in Tucson. An out-of-state investor acquired the property for $1.5 million, or $116,153 per unit. The Class B property features 13 two-bedroom/one-bath units. The seller was not disclosed.

April 22, 2021

Arizona Development Multifamily Western

Banyan Breaks Ground on 651-Unit Banyan North Tempe Apartments in Arizona

by Amy Works April 21, 2021

TEMPE, ARIZ. — Los Angeles-based Banyan Residential has broken ground for the first phase of Banyan North Tempe, a 651-unit multifamily community in Tempe. Working with Indianapolis-based Milhaus, Banyan annexed a 16.5-acre site, which is the first time the City of Tempe has expanded its boundaries in more than a decade. Construction is now underway for the $177 million development, with the first phase slated for completion in early 2023. Designed by Todd & Associates, Banyan North Tempe will feature 310 studio, one-, two-, three- and four-bedroom units in its first phase and a total of 651 units at full build-out. Community amenities will include two swimming pools, a fitness center, an outdoor spa, a clubhouse and library. The development team secured a $52 million construction loan from UMB Bank and Academy Bank. McShane Construction Co. is serving as general contractor on the project.

April 21, 2021

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