Arizona

Toll Brothers, Harrison Street to Develop 826-Bed Student Housing Community in Tempe

by Amy Works January 14, 2021

TEMPE, ARIZ. — Toll Brothers Campus Living and Harrison Street have formed a joint venture to develop Canvas, a student housing community adjacent to Arizona State University (ASU) in Tempe. The joint venture has secured a construction loan facility from MidFirst Bank, Fifth Third Bank N.A. and Trustmark Bank. Toll Brothers’ in-house finance department arranged the debt and equity financing. TSB Capital Advisors served as advisor to Toll Brothers. Situated on 3.4-acres, Canvas will feature 263 units totaling 826 beds with a modern furniture package, quartz countertops, private bedroom door locks, walk-in closets, computer-controlled access, smart television, central air conditioning, private bedrooms and bathrooms, in-unit washer/dryer, hardwood-style floors, high-speed internet and stainless steel appliances. The community will feature a six-level, 469-stall parking garage; fitness center; clubroom with an e-sports lounge; rooftop pool and amenity deck; business center; café/lounge; ground-floor retail space; courtyard and fire pit; grilling stations; electronic parcel lockers; private study rooms; and bike storage. The joint venture has partnered with Subtext, a real estate development company focused on living spaces for students and young professionals. Toll Brothers Campus Living will manage the development, construction and marketing, as well as asset management. Cardinal Group Management will act as the …

January 14, 2021

Acquisitions Arizona Multifamily Western

MG Properties Acquires Andante Apartments in Phoenix for $145.2M

by Amy Works January 13, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released. Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer. Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.

January 13, 2021

Acquisitions Arizona Multifamily Western

Dominium Sells 184-Unit HUE97 Apartments in Mesa to Colrich Group

by Amy Works January 13, 2021

MESA, ARIZ. — Dominium Group has completed the disposition of HUE97 Apartments located at 9736 E. Balsam Ave. in Mesa. Colrich Group acquired the asset for an undisclosed price. HUE97 Apartments features 184 units and recently underwent a $5 million repositioning and renovation program. NorthMarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented the buyer and seller in the transaction. Additionally, Steve Hollister and Aaron Beck of NorthMarq arranged $32.1 million in Freddie Mac financing for the buyer. The 15-year loan features seven years of interest-only payments at 3 percent.

January 13, 2021

Acquisitions Arizona Retail Western

YAM Properties Buys 238,275 SF Pima Crossing Shopping Center in Scottsdale for $51.5M

by Amy Works January 12, 2021

SCOTTSDALE, ARIZ. — YAM Properties has purchased Pima Crossing, a retail destination at the northwest corner of Shea Boulevard and Pima Road in Scottsdale. An entity formed by Los Angeles-based Karlin Real Estate sold the asset for $51.5 million. Originally developed in 1993, Pima Crossing features 238,275 square feet of retail space. A national golf retailer anchors the property along with several other national and regional tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

January 12, 2021

Acquisitions Arizona Multifamily Western

Pathfinder Partners Divests of The Sterling Multifamily Community in Gilbert, Arizona for $30.9M

by Amy Works January 11, 2021

GILBERT, ARIZ. — San Diego-based Pathfinder Partners has completed the sale of The Sterling, an apartment property in Gilbert, approximately 23 miles southeast of downtown Phoenix. Casa Anita Apartments LLC acquired the asset for $30.9 million. Built in 2000 as condominiums, The Sterling, formerly known as The Vintage, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bath units, 40 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, averaging 1,154 square feet. Pathfinder Partners originally acquired the property in 2017 and completed at $1.4 million renovation to the asset. Renovations included building repairs; installation of a dog park and package locker; upgrading the clubhouse, leasing office and pool area; and renovating more than half of the units. At the time of sale, The Sterling was 97 percent occupied. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.

January 11, 2021

Acquisitions Arizona Office Western

YMC Arizona Properties Acquires Portico Place Office Property in Chandler, Arizona for $21.7M

by Amy Works January 11, 2021

CHANDLER, ARIZ. — YMC Arizona Properties, a private investment group based in Los Angeles, has purchased Portico Place I and II, a two-building office property located at 2121 and 2195 W. Chandler Blvd. in Chandler. Milwaukee-based Irgens sold the complex for $21.7 million. Situated in the South East Valley, Portico Place I and II offers 89,182 square feet of office space, with lease rates ranging from the high $20s to low $30s per square foot. Erik Marsh of Kidder Mathews represented the buyer in the deal.

January 11, 2021

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Completes Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works January 8, 2021

CHANDLER, ARIZ. — VanTrust Real Estate has completed the construction of Phase II at Chandler Corporate Center in Chandler. Situated on 12 acres at 4100 W. Chandler Blvd., the 118,000-square-foot speculative office building complements the property that was developed in the first phase. The first-phase building was leased to Allstate Insurance and subsequently sold to Strategic Office Partners in 2019. Designed by Butler Design Group of Phoenix, the building features a two-story glass entrance, 58,000-square-foot floor plates and an abundance of glass. Stevens-Leinweber Construction served as general contractor for the project, which Colliers International is marketing for lease.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Meridian Buys 187,690 SF El Dorado Medical Plaza in Tucson

by Amy Works January 8, 2021

TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Arranges $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 8, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as medtail, a term for traditional retail centers that include a heavy mix of medical tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Brokers $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 7, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as “medtail,” a term for traditional retail centers that include a heavy mix of medical office tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 7, 2021

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