Arizona

Evergreen Devco Sells Single-Tenant Retail Building in Phoenix for $2.7M

by Amy Works July 22, 2020

PHOENIX — Evergreen Devco has completed the disposition of a single-tenant retail building located at 15275 N. 35th Ave. in Phoenix. Vico Partners acquired the asset for $2.7 million. Wilhelm Automotive occupies the 5,569-square-foot building, which RKAA Architects designed. The building is part of Evergreen’s 211,745-square-foot redevelopment project in Phoenix. The company is converting the existing parking field at the formerly Kmart-anchored shopping center into five new pad developments. Situated on 3.7 acres, a Cube Smart self-storage facility anchors the project. Additional tenants include Black Rock Coffee and Salad and Go. Joseph Compagno, R. Max Bippus and Benjamin Farthing of CBRE’s Net Lease Property Group in Phoenix represented the seller, while Dylan Brown and Andrew Fosberg of CBRE Phoenix nad California-based Chris Van Keulen of CBRE represented the buyer in the deal.

July 22, 2020

Acquisitions Arizona Net Lease Retail Western

NKF Brokers $9M Sale of Shoppes at Legacy in Mesa, Arizona

by Amy Works July 21, 2020

MESA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of Shoppes at Legacy, a retail center located at 5609 E. McKellips Road in Mesa. An affiliate of YAM Properties sold the asset to Sperry Equities for $9 million, or $166.17 per square foot. Built in 2006, Shoppes at Legacy features 54,160 square feet of retail space. At the time of sale, the retail center was 90 percent occupied by a variety of tenants, including Cigna Medical Group and Pita Jungle. The transaction included a freestanding building occupied by Auto Zone on a triple-net lease and a Verizon cell tower. Jesse Goldsmith, Steve Julius and Chase Dorsett of NKF represented the seller and buyer in the deal.

July 21, 2020

Acquisitions Arizona Industrial Western

DAUM Negotiates Purchase of Two Industrial Buildings Near Phoenix for $4.9M

by Amy Works July 20, 2020

GOODYEAR, ARIZ. — DAUM Commercial Real Estate Services has arranged the acquisition of two industrial properties totaling nearly 36,500 square feet in Goodyear, a western suburb of Phoenix. A private investor acquired both buildings for a total of $4.9 million. The two properties feature warehouse and office space, truck wells, grade-level doors, PAD zoning, fenced yards and at least 20-foot clear heights. The assets are located at the intersection of North 137th Avenue and West Auto Drive in Palm Valley Crossing, a larger development that Hopewell Development completed earlier this year. Trevor McKendry and Chris Rogers of DAUM’s Phoenix office represented the buyer in the deal.

July 20, 2020

Arizona Development Office Western

Douglas Allred Co. Breaks Ground on 300,000 SF Office Project at Park Place in Chandler, Arizona

by Amy Works July 17, 2020

CHANDLER, ARIZ. — The Douglas Allred Co. has broken ground on two additional office buildings at its Park Place Development on Price Corridor in Chandler. Located at the northeast corner of Price and Willis roads, the three-story buildings will offer 150,000 square feet each. Willmeng Construction, serving as general contractor, will deliver the buildings along with an 800-stall parking structure. Upon completion, the project will offer 10- to 12-foot ceiling heights, high-quality finishes and a six per 1,000 parking ratio. Balmer Architectural Group is providing architectural services for the project, which will add to the existing 1.5 million square feet of office, manufacturing and retail space at Park Place.

July 17, 2020

Acquisitions Arizona Healthcare NAI Office Western

NAI Horizon Negotiates $11.5M Sale of Banner Health Medical Building in Tucson, Arizona

by Amy Works July 17, 2020

TUCSON, ARIZ. — NAI Horizon has arranged the sale of a fully occupied medical building, located at 535 N. Wilmot Road in Tucson. 535 Wilmot Investors, an affiliate of The Schomac Group, sold the property to AP MP, an affiliate of MBRE Health Care, for $11.5 million. Banner Health occupies the 40,936-square-foot medical building on a long-term basis and recently renewed its lease for another 10 years. Justin Lanne and Andrew Sternberg with NAI Horizon’s Tucson represented the seller in transaction.

July 17, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Marcus & Millichap Brokers $5M Acquisition of Sunland North Apartment Complex in Arizona

by Amy Works July 17, 2020

MESA, ARIZ. — Marcus & Millichap has arranged the purchase of Sunland North, an age-restricted apartment complex located at 4740 E. Broadway Road in Mesa. A developer acquired the property from an undisclosed seller for $5 million. Built in 1984, the 35,000-square-foot property features 23 one-bedroom/one-bath units and 22 two-bedroom/one-bath units for residents age 55 or older. All units feature washer/dryer hookups and patios. Community amenities include a swimming pool, office, storage sheds and covered parking. Paul Bay of Marcus & Millichap’s Phoenix office procured the buyer in the deal.

July 17, 2020

Acquisitions Arizona Multifamily Western

CORE Real Estate Capital, Rincon Capital Partners Buy Woodridge Apartments in Tucson

by Amy Works July 16, 2020

TUCSON, ARIZ. — CORE Real Estate Capital and Rincon Capital Partners have acquired Woodridge Apartments, a multifamily property located at 8225 E. Speedway Blvd. in Tucson. Terms of the transaction were not released. Built in 1981 on 6.2 acres, the community features 204 apartments. At the time of sale, the property was more than 95 percent occupied. Over the next two years, the new owners plan to rebrand the property and invest up to $3.6 million to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping.

July 16, 2020

41800-W-Maricopa-Casa-Grande-Hwy-Maricopa-AZ

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $2.1M Sale of Big 5 Sporting Goods-Occupied Retail Building in Arizona

by Amy Works July 16, 2020

MARICOPA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 41800 W. Maricopa-Casa Grande Highway in Maricopa. A limited liability company sold the building to undisclosed buyer for $2.1 million. Big 5 Sporting Goods occupies the property on a net-leased basis. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

July 16, 2020

Arizona Development Office Western

Ryan Cos., University Realty Complete Third Phase of Novus Innovation Corridor in Tempe, Arizona

by Amy Works July 14, 2020

TEMPE, ARIZ. — Ryan Cos. and University Realty LLC have completed 777 Tower at Novus Innovation Corridor, the third phase of the Arizona State University (ASU) Novus Innovation Corridor in Tempe. Totaling 160,000 square feet, the six-story, multi-tenant building features an open floor plan, penthouse office space, 8,000 square feet of ground-floor retail space and a public urban plaza. DAVIS served as architect of record for the building, which Ryan Cos. built. The building is 84 percent leased by a mix of tenants, including ASU’s Herberger Gallery, University City Exchange, University Real Estate Development, Master of Design, Master of Innovation and Venture Development, and the Innovation Studio. Additionally, Infosys, a next-generation digital services and consulting firm, occupies the fourth and fifth floors at the building. At full build-out, Novus Innovation Corridor will feature more than 10 million square feet of mixed-use opportunities, including the 2.1 million-square-foot Marina Heights campus that Ryan Cos. and Sunbelt Holdings co-developed. Catellus Development Corp. is the master developer of the 355-acre, multi-phased Novus Innovation Corridor.

July 14, 2020

Acquisitions Arizona Industrial Western

CBRE Secures $22M in Acquisition Financing for Cold Storage Facility in Phoenix

by Amy Works July 13, 2020

PHOENIX — CBRE Capital Markets Debt & Structured Finance has arranged a $22 million loan for the acquisition of a cold storage facility in Phoenix. Bruce Francis, Robert Ybarra, Shaun Moothart, Dana Summers, Doug Birrell and Jim Korinek of CBRE facilitated the loan on behalf of the borrower, a joint venture between Condor Cold Storage and AEW Capital Management. Located at 7000 W. Buckeye Road, the 285,022-square-foot property features 36-foot clear heights and office, warehouse, baking, production and ammonia freezer facilities. Café Valley Bakery, a producer of bakery products for in-store bakeries, club stores, foodservice and convenience stores, fully occupies the property. The asset was built in 2010.

July 13, 2020

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