TEMPE, ARIZ. — Dornin Investment Group (DIG) has completed the sale of two multi-tenant flex office buildings located at 1711 W. Greentree Drive and 8945 S. Harl Ave. in Tempe. A Texas-based private investment company purchased the two-building portfolio for $24 million, or $170 per square foot. Totaling 141,336 square feet, the buildings are located within Agave Business and Corporate Center. At the time of sale, the asset was stabilized at a combined occupancy of more than 97 percent. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
PHOENIX — Arizona-based Snowdon Partners has completed the sale of Elux at Tramonto, a garden-style multifamily property located in Phoenix. An undisclosed buyer acquired the property for $34.7 million. Located at 35035 N. Valley Parkway, Elux at Tramonto features 138 units in a mix of one-, two- and three-bedroom floor plans with patios or backyards; stainless steel appliances; in-unit washers and dryers; and high-tech amenities. Community amenities include a swimming pool and spa, a select number of detached garages, a clubhouse and fitness center. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Additionally, David Bleiweiss of Berkadia’s Irvine, California, office secured $20.8 million in acquisition financing on behalf of the buyer. The 10-year Freddie Mac loan features a 60 percent loan-to-value ratio and a 30-year amortization schedule.
GOODYEAR, ARIZ. — Cushman & Wakefield has arranged the sale of Arizona Storage Center, a self-storage facility located at 18211 W. McDowell Road in Goodyear. FRC Goodyear sold the property to a private investor for an undisclosed price. The 54,976-square-foot property features 424 units, including 175 RV/boat storage spaces. The buyer plans to convert the RV/boat storage area into covered spaces. The property features 59 percent self-storage units and 41 percent RV/boat storage spaces. Paul Boyle and Rick Danis of Cushman & Wakefield’s Self Storage Advisory Group in Phoenix represented the seller in the deal.
PEORIA, ARIZ. — Tower Capital has secured $56 million in construction financing for Village at Pioneer, a multifamily development in Peoria. Located at the southwest corner of 83rd and Olive avenues, the property will feature 332 for-rent residences averaging 950 square feet. Units will offer premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, smart-home technologies and private yards. Community amenities will include detached garages with storage units, a workout facility, resort-style pool and spa, dog park and gated entrance. Completion is slated for 2022. Village at Pioneer Park is a single-family, build-to-rent asset, which is positioned between multifamily and single-family asset classes to provide multifamily amenities with a single-family-style home.
AVONDALE, ARIZ. — Risi Cos. has purchased 9.5 acres of land at 290 La Canada Blvd. in Avondale for $1.3 million, or $136,842 per acre. Earlier this month, Risi received approval to rezone the land from commercial to high-density residential, enabling the company to develop the Crystal Cove apartment community on the site. Crystal Cove will feature 238 apartments in a mix of one-, two- and three-bedroom units. Additionally, the gated community will offer a clubhouse, swimming pool, 109 garages and additional covered parking for Avondale residents. Larry Kush of Orion Investment Real Estate represented the sellers, Robert Delacour and Dianna Costa, while Zack Mishkin of Orion Investment Real Estate represented the buyer in the land sale transaction.
GOODYEAR, ARIZ. — An affiliate of Mack Real Estate Group (MREG) has purchased The Hub at Goodyear, a new industrial facility located at 305 S. Bullard Ave. in Goodyear. Terms of the transaction were not released. The 793,862-square-foot property features a cross-dock configuration, 40-foot clear heights, 144 dock-high doors, four grade-level doors and 190-foot full concrete truck doors. Additionally, the site provides parking for 192 trailers and 420 cars, and egress and ingress with access via Bullard and 143rd avenues. Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the buyer in the transaction. MREG has also retained the CBRE team to handle leasing of the property. Bruce Francis of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.
TEMPE, ARIZ. — Kidder Mathews has arranged the sale of Tempe Office Center, an office park located at 950 W. Southern Ave. and 3225 S. Hardy Drive in Tempe. Investors from Northern California and the State of Washington acquired the asset from a Southern California-based investment group for $4.6 million. At the time of sale, the 24,381-square-foot office park was 77 percent occupied. Concentra Urgent Care occupies 41 percent of the property and recently extended its lease for an additional 13 years. The urgent care provider has occupied the property since the mid-1990s. Erik Marsh of Kidder Mathews represented the seller in the deal.
TEMPE, ARIZ. — Rockwood Capital has completed the sale of MetroPointe Apartments, a multifamily property located in Tempe. Cortland acquired the asset for $96.7 million, or $233,133 per unit. Built in 2009, the property features 415 apartments in a mix of one-, two- and three-bedroom layouts, two swimming pools and a spa. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet. Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed. Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction. According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer. Phase I is scheduled for completion in summer 2022, followed …
TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.