Arizona

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

Arizona Loans Multifamily Western

Greystone Provides $91.3M Fannie Mae Refinancing for 1,406-Unit HSL Multifamily Portfolio in Tucson

by Amy Works June 15, 2020

TUCSON, ARIZ. — Greystone has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans to refinance a 1,406-unit multifamily portfolio in Tucson. Dan Wolins of Greystone originated the separate transactions for the borrower, HSL Properties. The financings all carry 10-year terms at a fixed rate, 30-year amortization and five years of interest-only payments. The non-recourse loans refinance four properties in Tucson: the 242-unit Canyon Creek, the 256-unit Ridgepoint, the 336-unit Catalina Canyon and the 572-unit Sycamore Creek.

June 15, 2020

Acquisitions Arizona Loans Multifamily Western

KeyBank Provides $25M in Financing for Chandler Village Apartments in Arizona

by Amy Works June 12, 2020

CHANDLER, ARIZ. — KeyBank Real Estate Capital (KBREC) has provided $25 million in fixed-rate, Fannie Mae financing for LEDG Capital, a real estate investment firm specializing in affordable housing throughout the country. The borrower will use loan proceeds to acquire and renovate Chandler Village Apartments, an affordable multifamily property in Chandler. Robbie Lynn of KBREC’s Commercial Mortgage Group and Steve Sparks of KBREC’s Community Development Lending team structured the financing, which features a 17-year term followed by a 35-year amortization schedule. Built in 1972 on eight acres, Chandler Village Apartments features 127 garden-style apartments spread across 11 two-story residential buildings with covered parking. The property was encumbered by a land use restriction agreement (LURA) that expired on Dec. 31, 2019. As part of the acquisition and renovation, the Arizona Department of Housing plans to grant 4 percent Low-Income Housing Tax Credits (LIHTC) and execute a new LURA that will continue to restrict all units to tenants earning no more than 50 percent of the area median income. The new LIHTC restrictions will apply for a 15-year compliance period and a 15-year extended-use plan, likely ending in 2050.

June 12, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $20.7M Sale of Desert Willow Multifamily Property in Phoenix

by Amy Works June 10, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Desert Willow, an apartment property located in Phoenix. A limited liability company sold the asset to an undisclosed buyer for $20.7 million. Located at 2025 W. Indian School Road, Desert Willow features 280 apartments in a mix of 128 studio units, 144 one-bedroom units, four two-bedroom/one-bath units and four two-bedroom/two-bath units. The 133,308-square-foot property was built in 1973 and partially renovated in 2012. It also underwent an extensive infrastructure replacement campaign between 2015 and 2019. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented the seller in the deal.

June 10, 2020

Acquisitions Arizona Multifamily Western

BBAM Acquires Eucalyptus Apartments in Tucson for $1.9M

by Amy Works June 10, 2020

TUCSON, ARIZ. — BBAM LLC has purchased Eucalyptus Apartments, a multifamily complex located at 3055 N. Tyndall Ave. in Tucson, from 3055 North Tyndall Avenue LLC for $1.9 million. The 15,620-square-foot apartment complex features 44 units. Allan Mendelsberg of Cushman & Wakefield | PICOR represented both parties in the deal.

June 10, 2020

Acquisitions Arizona Net Lease Retail Western

Evergreen Devco Sells Wilhelm Automotive-Occupied Retail Asset in Phoenix for $2.7M

by Amy Works June 8, 2020

PHOENIX — CBRE has arranged the sale of a retail property located at 15275 N. 35th Ave. in Phoenix. Arizona-based Evergreen Devco developed and sold the building for California-based Vice Partners for $2.7 million. Wilhelm Automotive occupies the new 5,569-square-foot building on a triple-net lease. The building is part of a retail development by Evergreen Devco. Joseph Compagno, R. Max Bippus and Benjamin Farthing of CBRE’s Net Lease Property Group in Phoenix represented the seller. Dylan Brown and Andrew Fosberg of CBRE Phoenix and California-based Chris Van Keulen of CBRE represented the buyer in the deal.

June 8, 2020

Arizona Development Multifamily Western

Optima, Principal Real Estate Investors Develop 213-Unit Apartment Tower at Optima Kierland Center in Scottsdale

by Amy Works June 5, 2020

SCOTTSDALE, ARIZ. — A joint venture partnership between Optima and Principal Real Estate Investors is developing 7140 Optima Kierland, a multifamily property located within Optima Kierland Center in North Scottsdale. As the second residential tower within Optima Kierland Center, the 12-story building will feature 213 apartments in a mix of one-, two- and three-bedroom layouts ranging in size from 737 square feet to 2,225 square feet. Units will feature plank flooring, solar shades, floor-to-ceiling glass walls and an outdoor terrace. Residential amenities will include a rooftop pool, lounge and running track; outdoor spa with a steam room, sauna and hydrotherapy; fitness center; cool plunge and hot spa; full-court indoor basketball court; co-working spaces; dog park and pet spa; electronic gaming room; and golf simulator. Additional amenities will include outdoor spaces with barbeques and fire pits; event and party spaces with retractable glass walls; an outdoor bar, lounge and kitchen; and an indoor theatre and game room. Construction of the new tower is well underway, with first move-ins scheduled for August.

June 5, 2020

Acquisitions Arizona Office Western

Roxborough Group Sells Perimeter Parkview Corporate Center in Scottsdale for $30M

by Amy Works June 4, 2020

SCOTTSDALE, ARIZ. — An affiliate of San Francisco-based The Roxborough Group has completed the sale of Perimeter Parkview Corporate Center, an office building located at 8377 E. Hartford Drive in Scottsdale. San Diego-based Cush Enterprises acquired the property for $30 million, or roughly $286 per square foot. Chris Toci, Chad Littell, Tim Whittemore, Grey Mayer and Patrick Schrimscher of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Completed in 2006, the two-story, 104,956-square-foot, Class A office asset features a subterranean parking garage with direct tenant access. At the time of sale, the property was 90 percent leased to three tenants.

June 4, 2020

Arizona Development Industrial Western

Hines, Oaktree Select Graycor to Build First Phase of 1.2 MSF Industrial Project in Glendale, Arizona

by Amy Works June 4, 2020

GLENDALE, ARIZ. — Hines, along with funds managed by Oaktree Capital Management, has selected Graycor Construction’s Southwest Division as general contractor for Phase I of Glendale 303 (G303), a Class A industrial development along the Loop 303 corridor in Glendale. The industrial park will be constructed in two phases, with two buildings each totaling 569,520 square feet. To accommodate needs of a major tenant, G303 will offer the flexibility to convert into a single, 1.2 million-square-foot building. Graycor will manage grading for the full project site and build G303’s first 569,520-square-foot building. Construction is slated to begin in July, with completion scheduled for first-quarter 2021. Ware Malcomb is serving as architect for G303. Bill Honsaker and John Lydon of JLL are serving as leasing brokers for the project.

June 4, 2020

Acquisitions Arizona Retail Western

SRS Brokers $11.7M Sale of Six-Building Shopping Center in Sedona, Arizona

by Amy Works June 4, 2020

SEDONA, ARIZ. — SRS Real Estate Partners has arranged the sale of The Collective Sedona, a shopping center located at 7000 AZ-179 in Sedona. An Arizona-based private investor sold the asset to a California-based private investor for $11.7 million. Built in 2000 and 2003, the six-building property features 52,518 square feet of retail space on 6.2 acres. At the time of sale, the property was 84 percent occupied by a variety of tenants, including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. Sean Thomas of the SRS National Net Lease Group’s Phoenix office represented the seller, while Jim Ashcraft of Ashcraft Investment Co. represented the buyer in the transaction.

June 4, 2020

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