Arizona

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

Arizona Loans Multifamily Western

Ready Capital Closes $12.2M Loan for Multifamily Property in Mesa, Arizona

by Amy Works April 21, 2021

MESA, ARIZ. — Ready Capital has closed a $12.2 million loan for the acquisition, renovation and stabilization of an apartment community located in Mesa, a suburb of Phoenix. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the 146 unit interiors and property exterior. Capital improvements will include new paint, new cabinets, vinyl-plank flooring, stainless steel appliances, upgraded landscaping and upgraded HVAC/electrical/utility systems. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 24-month term, two extension options, flexible prepayment and a facility to provide future funding for capital improvements.

April 21, 2021

Arizona Development Industrial Western

Cold Summit to Develop 357,000 SF Cold Storage Facility in Glendale, Arizona

by Amy Works April 20, 2021

GLENDALE, ARIZ. — Cold Summit Development is planning Cold Summit PHX, a speculative cold storage facility and the company’s first project in the Phoenix metro area. Sitework and construction are slated to begin immediately for completion by December 2021. The project is located at 9600 N. 151st Ave. in Glendale within the Woolf Logistics Park with Class I railway connectivity through BNSF. The 357,000-square-foot project, which is expandable to 485,000 square feet, will include high-quality office space, flexible structural bay spacing to accommodate multiple racking configurations, a 51-foor clear height in the warehouse with full temperature convertibility, 156 trailer drop spots and more than 75,000 pallet positions.

April 20, 2021

Acquisitions Arizona Industrial Net Lease Western

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

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