Arizona

P.B. Bell Opens First Phase of $45M Copper Falls Multifamily Community in Glendale, Arizona

by Amy Works May 13, 2020

GLENDALE, ARIZ. — P.B. Bell has opened the first phase of Copper Falls, an apartment property located at 5151 N. 95th Ave. in Glendale. The $45 million community is the first of the company’s multiple projects in the Glendale area. Copper Falls features 240 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,315 square feet. The open-concept apartments feature smart light switches, smart thermostats, modern kitchen layouts with granite countertops, subway tile backsplashes, stainless steel energy-efficient appliances and kitchen islands. Additionally, the units offer wood-style flooring, nine-foot ceilings, a full-size washer and dryer, and a personal patio or balcony. The first phase includes a variety of floor plans and community amenities, including a resident clubhouse designed for entertaining, a theater room with complimentary movie rentals, a 24-hour fitness center with a group exercise studio, and a swimming pool and spa. The community also features a package locker systems, valet trash, electric vehicle charging stations, a playground, dog park and pet spa.

May 13, 2020

Acquisitions Arizona Industrial Western

NAI Horizon Negotiates $7M Sale of Corbins Electric Corporate Headquarters in Phoenix

by Amy Works May 13, 2020

PHOENIX — NAI Horizon has arranged the sale of the Corbins Electric corporate headquarters, an industrial property located at 4829 S. 38th St. in Phoenix. Staffield Family LLC acquired the asset from ML Commercial Properties for $7 million. The building features 52,744 square feet of industrial space. Lane Neville and Logan Crum of NAI Horizon represented the buyer, while Clint Hardison and Blake Hardison of Keyser represented the seller in the transaction.

May 13, 2020

Industrial building 2840 E. Mohawk Lane Phoenix Arizona

Acquisitions Arizona Industrial Western

DAUM Commercial Negotiates Three Industrial Acquisitions in Metro Phoenix

by Amy Works May 12, 2020

PHOENIX AND TEMPE, ARIZ. — DAUM Commercial has arranged the acquisition of three industrial properties totaling nearly 60,000 square feet in Phoenix and Tempe. In the first deal, Crockett’s Honey, a family-owned raw honey manufacturer, acquired an 18,000-square-foot industrial building in Tempe. The asset is situated on 1.2 acres at 1060 W. Alameda Drive. Crockett’s Honey, which operates 6,500 beehives along the Colorado River in Parker, Ariz., plans to expand its bottling and distribution capabilities at the Tempe location. In the second transaction, a California-based private investor purchased a three-building business park in Phoenix for $2 million. Located at 3615-3635 S. 16th St., the 25,870-square-foot asset features five grade-level doors, a fenced lot and convenient access to multiple modes of transportation, including the Phoenix Sky Harbor International Airport and Union Pacific railroad. Carl Johnson, also of DAUM’s Phoenix office, represented the undisclosed seller in the deal. In the third transaction, a private investor acquired a manufacturing building located at 2840 E. Mohawk Lane in Phoenix for $2.2 million. The name of the seller was not released. The buyer plans to implement value-add exterior upgrades to the 16,056-square-foot property, which was recently vacated, including new paint, roof and asphalt. The building features …

May 12, 2020

Arizona Development Lee & Associates Multifamily Western

Pride Ventures Buys Development Site for 200-Unit Multifamily Asset in Mesa

by Amy Works May 8, 2020

MESA, ARIZ. — California-based Pride Ventures LLC II has purchased an approximately four-acre site, located at 1830 W. Main St. in Mesa. Sycamore Station Fund LLC sold the asset for $3.8 million. The property is Parcel 1 of Sycamore Station, a transit-oriented, mixed-use project currently underway. Pride Ventures plans to develop a 200-unit multifamily community at the site, which offers convenient access to the light rail train line on Main Street. Kimberly Rollins and Dallan Randall of the Commercial Properties / CORFAC International Multifamily team, along with Jeff Hays of the corporate services team and Tate Gunning of Commercial Properties Inc., represented the buyer. Lee & Associates represented the seller in the deal.

May 8, 2020

Acquisitions Arizona Multifamily Western

CBRE Arranges Sales of Two Phoenix Apartment Communities to California Investors

by Amy Works May 5, 2020

PHOENIX — CBRE has brokered the sales of two multifamily properties in Phoenix to separate California-based investors. NDX Investments II completed the disposition of 34 Arcadia, a newly renovated apartment complex located at 2934 N. 34th Place in Phoenix’s lower Arcadia neighborhood. Champion 34 Arcadia LLC acquired the asset for $5.9 million. The buyer is a first-time Phoenix multifamily investor from California. The community features 45 units in a mix of studio and one-bedroom floor plans, averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances and upgraded countertops and bathrooms. California-based Goldstein Investment Co. acquired Idle Hours, a multifamily community in Phoenix, from Delaware-based Torino Holdings for $5.8 million in an all-cash transaction. Located at 1501 E. Rovey Ave. in Uptown Phoenix’s North Central Corridor, the 28-unit property was remodeled and repositioned in 2018 and features 800-square-foot, two-bedroom/one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyers and sellers in the transactions.

May 5, 2020

Arizona Development Multifamily Western

Hines Acquires 11 Acres in Phoenix for 325-Unit Multifamily Development

by Amy Works May 4, 2020

PHOENIX — Hines has purchased approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue in Phoenix’s West Valley market. The Pederson Group sold the development site for $6.7 million. The buyer plans to develop a 325-unit multifamily property on the site. Totaling 318,000 square feet, the community will feature 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartment units. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Arizona represented the seller, while Hines represented itself in the transaction.

May 4, 2020

Acquisitions Arizona Multifamily Western

KB Investment Acquires 200-Unit Superstition Canyon Apartment Asset in Mesa, Arizona

by Amy Works April 30, 2020

MESA, ARIZ. — Orange County, Calif.-based KB Investment Development has purchased Superstition Canyon, a Class A multifamily community located in East Mesa. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the sale. The name of the seller and acquisition price were not released. Located at 1247 S. 96th St., the low-density, garden-style property features 200 apartments. Phoenix-based Maverick Residential Co. will manage the asset. The acquisition includes a vacant 1.7-acre parcel that will provide additional development potential. The transaction is KB Investment’s fifth large multifamily community acquisition in metro Phoenix — totaling 1,432 units — since the company entered the market in 2015.

April 30, 2020

Acquisitions Arizona Multifamily Western

Sunroad Enterprises Buys Metro at Zanjero Multifamily Asset Near Phoenix for $55.4M

by Amy Works April 29, 2020

GLENDALE, ARIZ. — San Diego-based Sunroad Enterprises has purchased Metro at Zanjero, an apartment property located at 9450 W. Cabela Drive in Glendale. Private Portfolio Group sold the asset for $55.4 million. Built in 2007, Metro at Zanjero features 253 apartments offering walk-in closets, granite countertops, full-size washers/dryers and a patio or balcony for every unit. Select units include private garages with direct access. Community amenities include a resort-style pool and spa area; fitness center; outdoor sports lounge with fireplace, entertainment bar and big-screen televisions; and barbecue areas with Viking grills. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction. Metro at Zanjero is Sunroad Enterprises’ fifth acquisition in metro Phoenix since 2015; the company owns multifamily communities in Glendale, Tempe and Peoria.

April 29, 2020

Arizona Loans Office Western

Velocis Receives $33.8M Refinancing for Park One Office Campus in Phoenix

by Amy Works April 24, 2020

PHOENIX — Velocis has received a $33.8 million loan for the refinancing of Park One, a Class A office property in Phoenix’s Camelback Corridor. Dana Summer, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek of CBRE secured the financing through Alliance Bank of Arizona for the borrower. Located at 2111, 2121 and 2141 E. Highland Ave., Park One is a three-building campus offering a total of 217,433 square feet of office space. The campus comprises a two-story building, four-story building and a freestanding restaurant. At the time of financing, the property was 92 percent leased. Park One features remodeled common areas and amenity spaces, including lobbies, corridors, elevator cabs, on-site café, landscaping and outdoor seating areas. The property is within walking distance to a variety of restaurant and shopping options, including Biltmore Fashion Park.

April 24, 2020

Acquisitions Arizona Retail Western

Stratis-Mesa Properties Sells Shoppes at Higley Village in Mesa, Arizona

by Amy Works April 23, 2020

MESA, ARIZ. — Stratis-Mesa Properties has completed the disposition of The Shoppes at Higley Village, a neighborhood retail center in Mesa. An undisclosed buyer acquired the asset for $5.5 million, or $224 per square foot. The three-building, 24,580-square-foot property features 14 tenants, including Walmart Neighborhood Market, Bahama Buck’s, Great Clips and Marco’s Pizza. At the time of sale, the property was 85 percent occupied. Derek Buescher of Orion Investment Real Estate represented the seller in the transaction.

April 23, 2020

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