SURPRISE, ARIZ. — Strategic Storage Trust IV, a public, non-traded REIT sponsored by an affiliate of SmartStop Self Storage REIT, has acquired a newly constructed self-storage facility in Surprise, a suburb of Phoenix. Terms of the transaction, including acquisition price and a seller’s name, were not released. The purchase of the Class A facility marks Strategic Storage Trust IV’s 22nd wholly owned property acquisition and its first property in the Phoenix area. Situated on 3.13 acres at 13788 W. Greenway Road, the 79,000-square-foot property features 716 self-storage units, climate control, drive-up access, ground-level units, overhead lighting and wide aisles and driveways. The property was constructed this year.
SCOTTSDALE, ARIZ. — Wood Partners has sold Alta Drinkwater, a multifamily community located in downtown Scottsdale. Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group, acquired the property for $96.1 million. Built in 2019, Alta Drinkwater features 277 apartments; a resort-style swimming pool with poolside kitchen and dining area; rooftop lounge; fitness center; designer resident clubhouse with a 13-foot television; outdoor courtyard with gas grills and games; and secured parking. Residences at the property offer nine-, 10- and 20-foot ceilings, gourmet kitchens with oversized quartz countertops, natural gas cooktops and energy-efficient, stainless steel appliances. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.
SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.
PHOENIX — CBRE has brokered the sale of Revival Biltmore, a multifamily property located in Phoenix. LP.PBV-2911 East Indian School Road LLC acquired the asset from an undisclosed seller for $31.2 million in an all-cash transaction. Located at 2911 E. Indian School Road, Revival Biltmore features studio, one-, two- and three-bedroom units with modern amenities, including upgraded cabinets, flooring and fixtures, as well as stainless steel appliances. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller in the transaction.
SCOTTSDALE, ARIZ. — An entity formed by Global Retail Investors has acquired The Shops at Gainey Village, an urban village retail asset located in Scottsdale. Gainey Village Retail Center, an entity formed by Des Moines-based Principal Real Estate Investors, sold the property for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on the behalf of the seller. Located at the southeast corner of Scottsdale and Doubletree Ranch roads, The Shops at Gainey Village features 138,476 square feet of retail space. Sprouts Farmers Market anchors the asset, which is fully occupied.
SCOTTSDALE, ARIZ. — Los Angeles-based Stockdale Capital Partners has acquired a medical laboratory and creative office building, formerly known as Henkel Corporate Center, in the Scottsdale Airpark submarket. Terms of the sale including acquisition price and the name of the seller were not released. Located at 7201 E. Henkel Way, the 371,937-square-foot property features large, open floorplans, a rooftop amenity deck and ready-for-use medical lab and R&D space. Originally developed as a build-to-suit for Henkel’s North American headquarters in 2009, the property features wet-lab build-outs, rooftop garden, cafetorium and auditorium suites, and subterranean parking. Mark Stratz of Transwestern will provide leasing services for the property, which is available to new renters for the first time.
MARANA, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space located at 3850 W. Orange Grove Road in Marana. Vincenza LLC sold the asset to The Church of Jesus Christ of Latter-Day Saints for $4.1 million. Westar Kitchen & Bath formerly occupied the 37,627-square-foot property. Dacie Hammack, Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the seller, while Nacy McClure and Carol Schillne of CBRE’s Tucson, Ariz., and Salt Lake City offices represented the buyer in the deal.
MESA, ARIZ. — Alliant Capital and Dominium have unveiled plans for Solstice of Mesa, an affordable seniors housing community in Mesa. All 237 units will be reserved for those over age 55 and earning up to 60 percent of area median income. Development is slated for completion in October 2021.
FLAGSTAFF, ARIZ. — Arizona real estate developer Desert Land Group and Texas-based senior living management company Civitas Senior Living have started construction on their newest senior living boutique project, The Bluffs of Flagstaff. Totaling approximately 210,572 square feet, the community will feature 120 independent living, 66 assisted living and 18 memory care apartments. The Bluffs of Flagstaff is scheduled for completion in fall 2021. The architect for the project is Kaas Wilson, with Greenberg Construction as general contractor. Senior By Design is providing additional design services.
PHOENIX — A joint venture between Chicago-based firms Origin Investments and Randolph Street Realty Capital has purchased Union @ Roosevelt, a multifamily community in downtown Phoenix. The joint venture plans to more than double the size of the five-story property, which features nine studio units, 60 one-bedroom units and 11 two-bedroom units with an average size of 830 square feet. At the time of acquisition, the 80-unit community was 95 percent leased. The asset also includes 9,100 square feet of retail space, which is currently 33 percent leased to Fatty Daddy Ice Cream and Genuine Wine Bar. The remaining 6,100-square-foot retail space is divisible to two spaces between 2,900 square feet and 3,200 square feet. The second phase of the development will add additional units and community amenities, which will provide the level of development for compliance with the current Opportunity Zone requirements for the project. Additionally, the expansion will add supplemental amenities for the existing units. Constructed is slated to begin during the second quarter of 2020. New units are scheduled to be available in early 2022. Randolph Street will serve as the operating partner and developer of the second phase.