Arizona

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

Acquisitions Arizona Restaurant Retail Western

Marcus & Millichap Brokers $2.1M Sale of Starbucks-Occupied Asset in Fort Mohave, Arizona

by Amy Works April 23, 2020

FORT MOHAVE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 4751 Highway 95 in Fort Mohave. A limited liability company sold the property to a private investor for $2.1 million. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Andrew Irvine of Marcus & Millichap’s Ontario, Calif., office procured the buyer in the deal. Starbucks Coffee occupies the 2,021-square-foot property, which was constructed in 2020. The tenant has a new 10-year lease, including 10 percent rental increases every five years and four five-year renewal options. The double-net lease is backed by Starbucks Corp.

April 23, 2020

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

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $3.2M Sale of Manufactured Housing Park in Arizona

by Amy Works April 20, 2020

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.

April 20, 2020

Acquisitions Arizona Restaurant Retail Western

Winlee Development Sells Two Buildings at Chandler Viridian Primegate in Arizona for $12.8M

by Amy Works April 17, 2020

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 …

April 17, 2020

Acquisitions Arizona Features Western Western Feature Archive

‘Titleman’ John Lotardo Says Buyers, Sellers Seek Solutions to Obstacles for Closings During Time of Pandemic

by John Nelson April 16, 2020

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, …

April 16, 2020

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