Arizona

CBRE Brokers Sale-Leaseback of 49,815 SF Industrial Facility in Phoenix

by Amy Works April 20, 2021

PHOENIX — CBRE has arranged the sale-leaseback of an industrial property located at 1815 Deer Valley Road in Phoenix. A private, Los Angeles-based investor acquired the asset for $6.9 million, or $140 per square foot. Regency Technologies, an IT asset conversion service provider, sold the facility and signed a 10-year, triple-net lease to occupy the 49,815-square-foot property. Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan of CBRE represented the seller in the transaction.

April 20, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $19.2M in Financing for Multifamily Property in Phoenix

by Amy Works April 19, 2021

PHOENIX — Ready Capital has arranged $19.2 million in financing for the acquisition, renovation and stabilization of a Class B apartment community located in Phoenix’s Biltmore submarket. Upon purchase, the undisclosed sponsor will implement a capital improvements plan to renovate the interiors of the 117 units, upgrade the façade and improve landscaping. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options and flexible prepayment. The financing is inclusive of a facility to provide future funding for capital expenditures.

April 19, 2021

Acquisitions Arizona Multifamily Western

Bascom Group Buys 196-Unit Sierra Charles Apartments in Arizona for $11.6M

by Amy Works April 16, 2021

SIERRA VISTA, ARIZ. — The Bascom Group has purchased Sierra Charles Apartments, a multifamily property located at 600 Charles Drive in Sierra Vista, approximately 80 miles southeast of Tucson, for $11.6 million, or $59,164 per unit. The name of the seller was not released. Built in 1985, Sierra Charles features 196 garden-style apartments. Bascom plans to renovate the unit interiors with new countertops and appliances, wood-plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting and a new two-tone paint scheme. Additionally, Bascom plans to improve community amenities with a pool deck expansion, dog park addition and leasing office redesign. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged the acquisition financing, which MF1 Capital provided. MEB Management Services will provide property management services and CAPgro Construction Management will provide construction management for the renovations.

April 16, 2021

Arizona Development Industrial Western

Comunale Properties Enters Phoenix Market with Chandler Connection Industrial Development

by Amy Works April 16, 2021

CHANDLER, ARIZ. — Denver-based Comunale Properties, with Stevens-Leinweber Construction as general contractor, is developing Chandler Connection, a Class A industrial property located adjacent to the Chandler Municipal Airport in Chandler. Located on Germann Road, Chandler Connection will offer 201,000 square feet of mid-bay industrial space featuring 32-foot clear heights, 140-foot to 240-foot bay depths, 52-foot by 60-foot column spacing and a 135-foot fenced and secured concrete truck court. The project will also offer dock-high and drive-in loading, as well as accommodations for users ranging from 14,500 square feet to full building. Construction is slated to begin in July 2021, with completion scheduled for first-quarter 2022. Butler Design Group is serving as architect for the project, which Ken McQueen and Chris McClurg of Lee & Associates will market for lease.

April 16, 2021

Arizona Development Retail Western

Thompson Thrift Buys Land for First Phase of 95,000 SF Retail Project in Mesa

by Amy Works April 15, 2021

MESA, ARIZ. — Thompson Thrift Retail Group (TTRG) has acquired the first parcel of a 15-acre master-planned development in Mesa. When fully developed, the property at the northwest quadrant of US 60 and Signal Butte Road will offer 95,000 square feet of retail space in a mix of freestanding and multi-tenant buildings. Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness have committed to the new project, with the first phase is slated to open first-quarter 2022. At build-out, TTRG expects the development to have a total project cost in excess of $28 million. This is the 26th project for TTRG in the Southwest since opening its Phoenix office in 2016. In addition to the Mesa development, TTRG’s 2021 Southwest pipeline is slated to include more than $150 million in development across the Phoenix metro, including planned projects in Glendale, Gilbert, Tempe, Peoria, Maricopa, Tucson and Casa Grande.

April 15, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $3.8M in Bridge-to-Freddie Mac Financing for Multifamily Property in Tucson

by Amy Works April 14, 2021

TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior. The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL program.

April 14, 2021

Acquisitions Arizona Multifamily Western

Sterling Real Estate Expands Arizona Portfolio with Pennytree Apartment Acquisition in Mesa

by Amy Works April 13, 2021

MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released. Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa. Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in metro Phoenix.

April 13, 2021

Acquisitions Arizona Office Western

CBRE Arranges $39.5M Sale of The Mesa Tower in Arizona to CAMCO Investment Group

by Amy Works April 9, 2021

MESA, ARIZ. — CBRE has arranged the sale of The Mesa Tower, a 16-story office building located at 1201 S. Alma School Road in Mesa. Dallas-based CAMCO Investment Group acquired the asset from Barker Pacific Group and Iron Point Partners for $39.5 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the deal. Totaling 311,949 square feet, The Mesa Tower comprises the high-rise, Class A office building; an adjacent single-tenant restaurant; and a five-level, above-grade parking structure. The property was originally built in 1986 and most recently renovated in 2018 and 2019. Renovations include enhancements to the lobby, common areas, restrooms and interior building systems, as well as the addition of several speculative suites. At the time of sale, the property was 85 percent leased to a diverse tenant mix.

April 9, 2021

Acquisitions Arizona Industrial Western

Realterm Buys FedEx-Occupied Distribution Center in Tempe for $27M

by Amy Works April 8, 2021

TEMPE, ARIZ. — Realterm, a Maryland-based logistics real estate firm, has purchased a distribution facility located at 1666 N. McClintock Drive in Tempe. A local real estate investment firm sold the property for $27 million. Constructed in 2004 as a build-to-suit for FedEx, the single-story, 145,872-square-foot building features 24-foot clear heights, 11 grade-level overhead doors, 26 dock-high doors and a three-lane driveway along McClintock Drive. FedEx recently signed a triple-net lease extension at the last-mile property. Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Bayless of CBRE represented the seller in the deal.

April 8, 2021

Arizona Development Loans Multifamily Western

Cavan Cos. Receives $62M Construction Loan for Multifamily Project in Glendale, Arizona

by Amy Works April 7, 2021

GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale. Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing. Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more than 850 parking spaces.

April 7, 2021

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