Arizona

Focus on Phoenix: Multifamily Sector Shows Promise Despite Turbulence

by Sarah Daniels May 20, 2020

Just over a decade ago, a booming Phoenix market experienced a confluence of trends — rampant overbuilding, followed by a national economic crisis that meant a spike in unemployment and a near halt in population growth. One of the biggest commercial real estate downturns in the region’s history soon followed. Ten years later, however, the picture was quite different. Prior to the COVID-19 outbreak, Phoenix multifamily metrics were solid through the first quarter of 2020 and supported by some of the strongest employment and household growth in the nation. In 2019, Phoenix added more than 82,000 new jobs — a 3.3 percent increase, the second highest job growth in the country.1 The economy today is much more diverse than it was 10 years ago during the last downturn. Workers can now choose among a variety of corporate, financial, education-based and tech employers while enjoying a lower cost of living than their peers in other metropolitan areas. Ultimately, Phoenix is better positioned than it was a decade ago; the Phoenix of today is grounded in a broader and more sustainable mix of favorable long-term market conditions. These characteristics, coupled with the region’s year-round sunshine, have made Phoenix an attractive place to …

May 20, 2020

Acquisitions Arizona Industrial Office Western

Route 66 Properties Acquires Creative Office Asset, Airplane Hangar in Scottsdale

by Amy Works May 19, 2020

SCOTTSDALE, ARIZ. — Los Angeles-based Route 66 Properties has purchased a creative office property and airplane hangar at 7350 E. Evans Road within the Scottsdale Airpark. ICIC Commercial Investments sold the assets for $8.5 million. Situated on 2.6 acres, the property was 72 percent leased at the time of sale. The acquisition included four office buildings, totaling 33,438 square feet, and a 6,082-square-foot airplane hangar. The office complex recently underwent a $2 million renovation to include hard-lit ceilings, generous clear heights, abundant glass, an open courtyard, exposed duct work, concrete floors and an open office environment. The hangar features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Additionally, 10 percent of the hangar facility is improved as office space. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, along with Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE Phoenix, represented the seller in the deal.

May 19, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 160-Bed Skilled Nursing Facility in Mesa, Arizona

by Amy Works May 18, 2020

MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.

May 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 160-Bed Skilled Nursing Facility in Mesa, Arizona

by Amy Works May 15, 2020

MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.

May 15, 2020

Arizona Development Multifamily Western

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

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