Arizona

Los-Acros-Mobile-Home-Park-Sierra-Park-AZ

SIERRA VISTA, ARIZ. — Marcus & Millichap has arranged the sale of the Los Arcos Mobile Home Park, located at 650 E. Busby Drive in Sierra Vista. An individual/personal trust acquired the community from a private investor for $3.2 million. Situated on 37.2 acres, Los Arcos Mobile Home Park features 232 total lots. At the time of sale, the property was 60 percent occupied. Michael Escobedo and Glenn Esterson of Marcus & Millichap represented the seller and procured the buyer in the deal.

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CHANDLER, ARIZ. — Winlee Development has completed the disposition of the last component of Chandler Viridian Primegate for $12.8 million. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the four-building project for a total of $20.8 million, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components are the Panera building, which sold for $4.3 million, and The Sicilian Butcher restaurant, which sold for $3.7 million. Winless Development, the commercial real estate division of Phoenix-based Winfield Lee Investments, developed Primegate. Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions. Primegate is the restaurant and retail portion of Chandler Viridian, a 25-acre, $250 million, mixed-use project located at the entrance of Chandler Fashion Center in Chandler. A consortium that includes Hines, Winlee Development, Alliance Residential and Concord Hospitality is developing the larger Chandler Viridian project. The development features office, residential, hospitality, restaurant and retail space, as well as wellness trails, fountains and a dog park. The Primegate development team includes Alliance Bank, Berry Riddell, Sacks Tierney, Wespac Construction, Reigle & Associates and Larson Engineering. CBRE’s …

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Closing deals in the current environment — or even getting them to progress — has been challenging for the past few weeks. Municipalities are struggling to keep up with volume, and online notarization is present in some states but not others. Western Real Estate Business recently spoke with John Lotardo, senior vice president and director of operations for Commonwealth National Title Insurance Co. based in Arizona. Lotardo, also known as the Titleman, spoke to WREB about how commercial real estate transactions are closing and moving forward during the COVID-19 pandemic. WREB: What is your “new normal”? How are you managing business day-to-day? Lotardo: My company has mandated that the majority of our teams work remotely. The majority of my time is remote as well. Being the operations director, I have to manage my employees, including our title and settlement employees, wherever they may be. As a national commercial office based in Arizona, we have always been forward-thinking with technology. Our transition to a mix of folks in the office together with a remote workforce, while it has been challenging at times as for many other businesses, it wasn’t as difficult as it could have been. We had the proper hardware, …

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Senderos-South-Mountain-Phoenix-AZ

PHOENIX — A partnership between Leon Endres and Nick Conzemius, along with Ron Cuttler as project manager, is developing Senderos at South Mountain, a multifamily property located at 9700 S. Central Ave. in Phoenix at the base of South Mountain. Slated to open in May, the 156,888-square-foot community will feature 10 buildings offering a total of 96 units in a mix of one-, two- and three-bedroom layouts with decks/patios for each unit. Apartments will feature personal electric car-charging stations in each attached garage; smart technology including thermostats, keyless door locks and light switches; and gourmet kitchens. Community amenities will include a swimming pool, spa, fire pit, fitness center/yoga studio, package lockers, clubhouse with Wi-Fi access, barbecue grills, pet wash stations, backyard pet runs and ample green space. MEB Management Services will manage the property.

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PayPal-Data-Center-Phoenix-AZ

PHOENIX — El Segundo, Calif.-based Landmark Dividend, an owner and developer of real property interests and digital infrastructures, has purchased a data center campus in Phoenix. According to local media outlets, PayPal sold the asset for $122 million. Acquisition of the 184,000-square-foot, 16-megawatt (MW) enterprise data center campus adds to Landmark’s expansion into offering a move-in-ready data center platform. The purchase is the company’s 16th data center asset acquisition in the last 18 months. The campus consists of three data center buildings, along with an office area designed to Tier IV standards. At the time of acquisition, tech-base financial services company PayPal occupied more than 50 percent of the campus on a long-term basis. Constructed between 2010 and 2014, the campus has roof capacity loads of up to 1.4 million pounds. The facility is fortified with a storage warehouse designed for Tier IV compliance, and offers full redundancy across its entire infrastructure, providing access to more than 10 carrier networks on-site. Landmark has retained JLL Phoenix’s Data Center Solutions team as leasing manager for the campus.

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4455-W-Camelback-Rd-Phoenix-AZ

PHOENIX — San Diego-based Westcore has purchased an industrial warehouse property located in Phoenix for $12.4 million in a sale-leaseback transaction. Dreamfoam Bedding, doing business as Brooklyn Bedding, occupies the facility and will lease it back from Westcore for a short period of time. Located at 4455 W. Camelback Road in Phoenix’s Southwest Valley submarket, the property features 148,689 square feet of Class A industrial warehouse space. Phil Haenel, Andy Markham, Mike Haenel and Will Strong of Cushman & Wakefield represented the buyer, while Scott Backes and Rose Arck of Brydant Real Estate represented the buyer in the deal.

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Park-Place-Fountain-Hills-AZ

FOUNTAIN HILLS, ARIZ. — Louisville, Colo.-based Real Capital Solutions has completed the disposition of Park Place at Fountain Hills, a Class A multifamily property in Fountain Hills. Hong Kong-based Button Capital Limited acquired the asset for $63.5 million. Built in 2018, Park Place at Fountain Hills features 230 units; two swimming pools with lounge areas; a fitness center and separate spin room; two-story clubhouse with game room and full kitchen; business center; and package locker system. Each individual residence offers high-end finishes, including nine-foot ceilings, stainless steel appliances, wood-plank flooring, quartz countertops, full-size washers and dryers, and private balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE structured the transaction for the seller. Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE Debt & Structured Finance arranged acquisition financing for the buyer in the transaction.

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San-Marina-Apts-Phoenix-AZ

PHOENIX — Marcus & Millichap has arranged the $26.4 million sale of San Marina Apartments, a multifamily property located at 7002 W. Indian School Road in Phoenix. A local nonprofit organization sold the asset to an out-of-state apartment investment and management company for $65,398 per unit. Situated on 19 acres, San Marina Apartments features 400 units in a mix of one- and two-bedroom floor plans, all of which offer energy-efficient, full-size appliances, carpet and vinyl flooring, dishwashers and microwaves. Select single-level “casitas” feature private patios. Onsite amenities include security gates, two laundry facilities, a park-like atmosphere with a playground and basketball court area, a pool, spa and covered parking. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

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3125-S-Gilbert-Rd-Chandler-AZ

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Chandler Commercial Building B, a local private investor, has purchased the Vertex Education building, a single-story office building located at 3125 S. Gilbert Road in Chandler. Locally based Chandler CSO LLC sold the property for an undisclosed price. Situated within Chandler Airpark, the 28,187-square-foot Class A office building was developed in 2018 for Vertex Education, Arizona’s K-8 charter management organization. Currently, the company operates 18 schools throughout Arizona and Nevada, serving more than 21,000 students. Mindy Korth, Todd Noel and Sean Westfall of Colliers International in Arizona represented the seller, while Korth, Chris Roach and Matt Roach, also of Colliers, represented the buyer in the transaction.

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7200-W-Roosevelt-St-Phoenix-AZ

PHOENIX — Newport Beach, Calif.-based CapRock Partners has purchased a newly constructed distribution center located at 7200 W. Roosevelt St. in Phoenix. An undisclosed seller sold the asset in an off-market transaction. The acquisition price was not released. Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Situated on 12 acres, the 216,880-square-foot, Class A property features 32-foot clear heights, 30 dock-high doors, two grade-level doors, 48 trailer stalls, a fully secured concrete truck court, 52-foot-by-55-foot column spacing and 3,600 amps, 277/480V power. Additionally, the property was designed to accommodate up to two tenants. CapRock Partners currently owns or is in escrow to purchase in excess of 1 million square feet of industrial space in Phoenix, including a long-term lease of a 110,710-square-foot property in the Sky Harbor submarket.

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