Arizona

Starwood Property Trust Divests of 106,571 SF Moon Valley Towne Center in Phoenix

by Amy Works February 24, 2021

PHOENIX — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

February 24, 2021

Arizona Development Multifamily Western

Morgan Opens 472-Unit Pearl Biltmore Multifamily Community in Phoenix

by Amy Works February 23, 2021

PHOENIX — Houston-based Morgan, in a joint venture with Mesirow, has opened Pearl Biltmore at 4640 N. 24th St. in Phoenix. Situated on five acres, Pearl Biltmore features 472 apartments with 19 floor plans in a mix of studio, one-, two- and three-bedroom units, as well as several loft-style apartments. Units feature include vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances; and Quartzite countertops and glass tile backsplashes in the kitchens and baths. Additionally, select units have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers and spa soaking tubs. Community amenities include a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two swimming pool decks with grilling stations, cabanas and bistro seating; a sky lounge with an indoor/outdoor catering kitchen; media wall; and WiFi counter. Other amenities include a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.

February 23, 2021

Arizona Industrial Leasing Activity Western

DAUM Commercial Negotiates 173,940 SF Lease at Hopewell Industrial Development in Tolleson, Arizona

by Amy Works February 23, 2021

TOLLESON, ARIZ. — DAUM Commercial Real Estate has arranged the lease of a newly constructed industrial warehouse located at 320 S. 91st Ave. in Tolleson. Republic National Distribution Co. will occupy the 173,940-square-foot property, which Hopewell Development owns. The total consideration of the lease is $12 million. Chris Rogers, Trevor McKendry, Dan Casey and Parker Houston of DAUM represented the landlord, while Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the tenant. The facility features 28 dock-high loading doors, four grade-level doors, 32-foot clear heights, a fenced and gated concrete court with 130-foot depth, 3,600 amps, an ESFR sprinkler system, R-19 insulation and LED lighting.

February 23, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $24.8M Acquisition Loan for Apartment Community in Phoenix

by Amy Works February 22, 2021

PHOENIX — Tower Capital has arranged $24.8 million in acquisition financing for a two-story multifamily property located in the Phoenix I-17 Employment Corridor. The names of the borrower/buyer and seller were not released. Built in 1980 on eight acres, the community features 224 apartments, a swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and picnic area with barbecue grills. The non-recourse Freddie Mac loan features a seven-year, floating-rate term with two years of interest-only payments followed by a 30-year amortization schedule. Vin Basa of Tower Capital secured the financing for the buyer.

February 22, 2021

Acquisitions Arizona Multifamily Western

Metro Tucson Living Acquires Villas at Roger Road Multifamily Property in Tucson for $19M

by Amy Works February 22, 2021

TUCSON, ARIZ. — Metro Tucson Living SPE has purchased The Villas at Roger Road, a multifamily community located at 3985 N. Stone Ave. in Tucson. Equilibrium Villas sold the asset for $19 million. Located at 3985 N. Stone Ave., the property features 232 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

February 22, 2021

Arizona Development Multifamily Seniors Housing Top Stories Western

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Julia Sanders February 19, 2021

TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …

February 19, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

by Amy Works February 19, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit. Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 19, 2021

Acquisitions Arizona Multifamily Western

Apartment Ventures Acquires Village at Aspen Place Multifamily Property in Flagstaff for $64.5M

by Amy Works February 18, 2021

FLAGSTAFF, ARIZ. — Apartment Ventures NNC has purchased Village at Aspen Place, a Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5 million. Built in 2015, the property features 222 apartments. The transaction is Apartment Ventures’ fourth Southwest institutional-level acquisition in as many years, bringing its Southwest portfolio close to 1,000 units. The name of the seller was not released.

February 18, 2021

Arizona Industrial Office Top Stories Western

Brooklyn Bedding Breaks Ground on $72M Manufacturing Facility, Corporate Headquarters in Metro Phoenix

by Katie Sloan February 18, 2021

GLENDALE, ARIZ. — Mattress retailer Brooklyn Bedding has broken ground on a $72 million manufacturing facility and corporate headquarters nine miles outside Phoenix in Glendale. The 648,165-square-foot building will be located on 42.8 acres at the crossroads of West Bethany Home Road and 52nd Ave. The new manufacturing facility, set for delivery in December 2021, will give the company the capacity to triple its mattress production. Founded in 1995, Brooklyn Bedding claims to be a pioneer in the “bed-in-a-box movement,” selling its first roll-packed mattress product on Amazon in 2008. By 2015, Brooklyn Bedding had developed and constructed a 150,000-square-foot, full-scale factory in the Phoenix area. The company currently employs 250 and plans to add 150 employees upon the completion of its new facilities. Brydant Real Estate will spearhead development of the project, working alongside the development team of Alston Construction and the architectural team of Ware Malcomb. Brooklyn Bedding will continue operations at its manufacturing facility at 4455 West Camelback Road and its warehouse at 4524 North 44th Ave. in Phoenix until the new headquarters is delivered. — Katie Sloan

February 18, 2021

Acquisitions Arizona California Colorado Industrial Loans Western

CBRE Arranges $46.7M Acquisition Loan for Four-Property Industrial Portfolio in Western United States

by Amy Works February 17, 2021

ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.

February 17, 2021

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