Arizona

Cushman & Wakefield Brokers $5.6M Acquisition of Industrial Building in Phoenix

by Amy Works February 20, 2020

PHOENIX — Cushman & Wakefield has arranged the purchase of a vacant industrial building located in Southwest Phoenix. KKR, a New York-based global investment firm, acquired the property from LMI Solutions for $5.6 million. The 82,288-square-foot property features 28-foot clear heights, 16 dock-high loading doors and an evaporative cooled warehouse area. The freestanding, fully-fenced building is situated on 5.2 acres at 46 N. 49th Ave. Phil Haenel of Cushman & Wakefield represented the buyer in the deal. Additionally, Haenel, Andy Markham and Mike Haenel, also of Cushman & Wakefield, will handle leasing for the property.

February 20, 2020

Arizona Loans Multifamily Student Housing Western

Ready Capital Closes $6M Loan for Student Housing Property Near University of Arizona

by Amy Works February 20, 2020

TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson. Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan term. The non-recourse, floating-rate loan features a 36-month term, one extension option and flexible prepayment. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures.

February 20, 2020

Acquisitions Arizona Industrial Lee & Associates Western

ViaWest Group Sells Industrial Portfolio in Phoenix for $16.6M

by Amy Works February 19, 2020

PHOENIX — ViaWest Group has completed the sale of Broadway Industrial Center and 45th Avenue Industrial Park in Phoenix. New York-based KKR acquired the three-building portfolio, located at 2950 E. Broadway Road and 77 N. 45th Ave., for $16.6 million. Will Strong of Cushman & Wakefield, along with Matt McDougall and Ken McQueen of Lee & Associates, handled the transaction. Constructed in 1984, 45th Avenue Industrial Park features 24-foot clear heights and a 125- to 150-foot truck court. Current tenants include Storopack and Western Millworks. Broadway Industrial Center consists of two buildings, totaling 95,094 square feet, with 24-foot clear heights and grade-level doors. Major tenants include Reddy Ice, Goldie’s Motors and Cereus Graphics. At the time of sale, both properties were fully leased.

February 19, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Acquires Dolce Villaggio Townhomes in Tempe for $11.5M

by Amy Works February 18, 2020

TEMPE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has purchased Dolce Villaggio Townhomes, a multifamily property in downtown Tempe. An undisclosed seller sold the property for $11.5 million, or $310,811 per unit. Dolce Villaggio features 37 apartments in a mix of two- and three-bedroom floor plans, all with attached two-car garages. Constructed in 2007, the property also features a swimming pool and spa. Bascom Arizona Ventures plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors. Arizona-based MEB Management Services will operate the property. Comerica Bank provided debt financing for the acquisition, which Erich Pryor of Talonvest Capital arranged. Chris Roach, Matt Roach and Brad Cooke of Colliers International advised the buyer and seller in the transaction.

February 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Green Courte Partners Acquires 202-Unit Seniors Housing Community in Arizona

by Amy Works February 13, 2020

GILBERT, ARIZ. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. The price was not disclosed. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners IV. It is the investor’s 11th senior living community.

February 13, 2020

Acquisitions Arizona Hospitality Office Western

First American Exchange Buys Medical Office Property in Arizona for $17.8M

by Amy Works February 13, 2020

AVONDALE, ARIZ. — Phoenix-based First American Exchange Co. has purchased Rancho Santa Fe Center, a medical office asset located at 13033-13075 W. McDowell Road in Avondale. HH RSR, a company formed by Holualoa Cos. and The Plaza Cos., sold the property for $17.8 million. Constructed in 2004, the seven-building complex offers more than 73,961 square feet of medical office space on eight acres. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.

February 13, 2020

Arizona Development Multifamily Student Housing Western

Trinitas Acquires Student Housing Development Site Near Arizona State University

by Amy Works February 12, 2020

TEMPE, ARIZ. — Trinitas has acquired a development site located at 707 S. Forest Ave. near Arizona State University in Tempe. The company plans to develop a 530-bed student housing community offering studio, one-, two-, three- and four-bedroom units above street level retail. Shared amenities at the development will include a swimming pool, fitness center, collaboration spaces and an open-air skydeck. A joint venture between Trinitas and Harrison Street provided equity financing for the site acquisition. PNC Bank provided construction financing. The project is scheduled for a 2021 opening.

February 12, 2020

Arizona Loans Multifamily Western

Ready Capital Closes $17.2M Loan for Multifamily Property in Phoenix

by Amy Works February 10, 2020

PHOENIX — Ready Capital has closed a $17.2 million, non-recourse, hybrid-rate loan that is pari passu, part fixed and part floating rate. The undisclosed sponsor used the financing for the acquisition, renovation, unit buyouts and stabilization of a 146-unit, Class B, fractured condominium property in Phoenix’s Maryvale submarket. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for the capital expenditure and future unit purchases.

February 10, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $49.5M Sale of Deer Creek Village Multifamily Asset in North Phoenix

by Amy Works February 7, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Deer Creek Village, an apartment property located in North Phoenix. Triumph Properties Group acquired the community from a private family/operating partner for $49.5 million, or $160,714 per unit. Built in the 1985 on more than 11 acres, the value-add property features 308 units with an average size of 818 square feet. Community amenities include a playground, three swimming pools and two spas. Cliff Davis and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

February 7, 2020

Arizona Development Office Western

Cousins, Hines to Develop 18-Story Office Tower in Downtown Tempe

by Amy Works February 6, 2020

TEMPE, ARIZ. — Cousins Properties and Hines have unveiled plans for 100 Mill, an 18-story office tower in downtown Tempe. Cousins will have 90 percent ownership and Hines will have 10 percent ownership interest in the project. Located at the southwest corner of Mill Avenue and Rio Salado Parkway, the 287,000-square-foot office building is 44 percent pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm. Completion is scheduled for the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.

February 6, 2020

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