Arizona

George Oliver Completes Sale of $56.5M Office Complex in Phoenix

by Madison Pettway August 11, 2021

PHOENIX — George Oliver, a Phoenix-based developer, has completed the sale of CASA, a Class A office complex in Phoenix for $56.5 million. At $312 per square foot, the sales price sets a new record for the Piestewa Peak submarket. The buyer was Macquarie Asset Management. JLL’s Benjamin Geelan and Brian Ackerman represented George Oliver in the transaction. New office amenities include co-working suites, a dog park, dedicated food truck parking and shaded outdoor dining and lounge areas. A final lease-up initiative this summer brought the building to being fully committed, notably the new Mediacom headquarters relocation from North Carolina and new offices for D.R. Horton and CrossCountry Mortgage. George Oliver purchased CASA, formerly known as Catalina Terraces, in 2018.

August 11, 2021

Acquisitions Arizona Development Western

Cresset Real Estate Partners, Clarius Partners Acquire Land for 1.7 MSF Logistics Development in Arizona

by Madison Pettway August 11, 2021

GLENDALE, ARIZ. — Cresset Real Estate Partners and Clarius Partners have closed on the land acquisition for 303 Crossroads, a planned 1.7 million-square-foot logistics development in the Phoenix suburb of Glendale. The land price was not disclosed. The development will consist of two buildings to be built in two phases on land fronting Loop 303 and Northern Parkway. Building one will be 1 million square feet and is slated for completion in 2022. Building two will be 734,800 square feet and is slated for completion in 2023. The groundbreaking for the project is scheduled for this October. Both buildings will feature cross-dock configurations, a 40-foot clear height and above-market parking ratios. The buyers were represented in the transaction by CBRE.

August 11, 2021

Acquisitions Arizona Multifamily Western

Marcus and Millichap Arranges $15M Apartment Portfolio Sale in Phoenix

by Madison Pettway August 9, 2021

PHOENIX — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio in Phoenix on behalf of two private sellers for $15 million. Wilshire Place is a 48-unit apartment community, Canyon Greens is a 44-unit apartment community and Maryland Palms is a 22-unit community. The 114-unit portfolio is located 2.5 miles north of Grand Canyon University, a private, for-profit Christian university that has plans for $500 million in additional capital investment by 2024, according to Marcus & Millichap. The buyer, Andre Golnazarian, has completed the renovation of several properties in this submarket and intends to execute a similar plan with the most recent acquisitions. Golnazarian intends to brand all three properties together.

August 9, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Arranges Sale of 129-Unit Westgate Village Seniors Housing Property in Glendale, Arizona

by Amy Works August 6, 2021

GLENDALE, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to an unnamed REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the new owner to acquire a high-quality asset and the current operator to stay in place,” says Punzel. “The seller will be recycling the capital into other senior living projects.”

August 6, 2021

Acquisitions Arizona Multifamily Western

KB Development Sells Superstition Canyon Apartments in Mesa, Arizona for $65M

by Amy Works August 5, 2021

MESA, ARIZ. — KB Development has completed the sale of Superstition Canyon, an apartment community located in Mesa. A Southern California-based investor acquired the asset for $65 million. Located at 1247 S. 96th St., Superstition Canyon features 200 apartments; a heated swimming pool with TV, fireplace and barbecues; sauna; fitness center; clubhouse with a billiards table; business center; basketball court; sand volleyball court; and gated dog park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

August 5, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $104M Sale of Sky Ancala Apartments in Scottsdale, Arizona

by Amy Works August 4, 2021

SCOTTSDALE, ARIZ. — ABI Multifamily has arranged the sale of Sky Ancala Apartments, a multifamily property located at 11545 N. Frank Lloyd Wright Blvd. in Scottsdale. A California-based buyer acquired the asset from a Canada-based seller for $104 million, or $316,667 per unit. Built in 1988 on 14 acres, Sky Ancala Apartments features 330 units across 20 two-story buildings. The property offers 166 one-bed/one-bath and 164 two-bed/two-bath units, all with in-suite washers/dryers. Community amenities include a business center, coffee bar, sky lounge, picnic area with barbecues, fitness center, resort-style pool, dedicated leasing office and covered parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

August 4, 2021

Arizona Development Industrial Western

GO Industrial Buys Site for 1.2 MSF Development Project in Phoenix

by Amy Works August 3, 2021

PHOENIX — Phoenix-based GO Industrial has purchased 77 acres of land in the West Valley submarket of Phoenix for the development of GO | 99, a three-building, 1.2 milion-square-foot industrial project. An undisclosed seller sold the site, located at the southeast corner of Buckeye Road and 99th Avenue, for $23.5 million. Buildings 1 and 2 will provide rear-loaded, mid-bay configurations and will total 246,997 square feet and 272,456 square feet, respectively. Totaling 763,410 square feet, Building 3 will feature a 600-foot-deep, cross-dock configuration, nearly 1,000 auto parking stalls and up to 314 off-dock locations. Clear heights will range from 32 feet to 40 feet. All buildings will offer dock-high and ground-level loading and heavy power. Additionally, the park will be fully secured and each truck court will have dedicated access. DLR Group is serving as architect, Willmeng Construction as general contractor and Arcadia Management Group as property manager.

August 3, 2021

Acquisitions Arizona Retail Western

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

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