Arizona

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

Acquisitions Arizona Industrial Western

JLL Income Property Trust Buys 211,000 SF Chandler Distribution Center in Phoenix for $31M

by Amy Works December 6, 2019

PHOENIX — JLL Income Property Trust has acquired Chandler Distribution Center, a Class A industrial asset located in the Southeast submarket of Phoenix. An undisclosed seller sold the property for $31 million. Located immediately off Arizona State Route 202, Chandler Distribution Center features two newly developed Class A warehouses designed to accommodate a wide range of tenant sizes including those under 35,000 square feet. At the time of sale, the property was 97 percent occupied. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and manages a diversified portfolio of apartment, industrial, office and retail properties.

December 6, 2019

Arizona Loans Office Western

Venture West Arranges $16M Loan for Office Building in Tucson, Arizona

by Amy Works December 4, 2019

TUCSON, ARIZ. — El Segundo, Calif-based Venture West Funding has arranged a $16 million loan for the refinancing of a multi-tenant office building located in Tucson. Originally built in 2018 and most recently renovated in 2018, the property features 141,295 square feet of multi-tenant office space. At the time of financing, the property was 92 percent leased to several national tenants, including Centene, Tsomas Engineering and Aecom. Matt Douglas of Venture West Funding secured the 10-year, fixed-rate, interest-only loan for the borrower, an affiliate of a Los Angeles-based investor, through Goldman Sachs.

December 4, 2019

Cambria-Hotel-Downtown-Phoenix-Conference-Center-Phoenix-AZ

Arizona Development Hospitality Western

Cambria Hotels Opens 127-Room Downtown Phoenix Convention Center Hotel

by Amy Works December 4, 2019

PHOENIX — Cambria Hotels, an upscale brand franchised by Choice Hotels International, has opened its third hotel in Arizona: Cambria Hotel Downtown Phoenix Convention Center. Situated at 222 E. Portland St., the seven-story, 127-room hotel features a spacious rooftop, multi-function meeting and event space, a pool with cabanas and bar, a state-of-the-art fitness center and Poppy, an on-site restaurant. Guest rooms feature modern fixtures, abundant lighting and plush bedding, as well as spa-style bathrooms. Oxford Hotels & Resorts manages the hotel, which was developed by True North Studio.

December 4, 2019

Acquisitions Arizona Healthcare Office Western

CBRE Negotiates $20.5M Sale of Forum at Gilbert Ranch Office, Medical Campus in Arizona

by Amy Works November 27, 2019

GILBERT, ARIZ. — CBRE has arranged the sale of The Forum at Gilbert Ranch, a Class A office and medical campus located at 1472, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert. Denver-based EverWest Real Estate Investors sold the property to Forum at Gilbert LLC, a private Midwestern buyer, for $20.5 million. Totaling 92,453 square feet, the five-building campus features one single-story building and four two-story buildings. The asset offers modern construction and improvements, with subterranean and covered parking with a parking ratio of 4.4 spaces per every 1,000 square feet. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the deal. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged financing for the buyer. At the time of sale, the property was 93 percent leased to a variety of finance, real estate, coworking and medical tenants. CBRE’s Jamie Swirtz and Bruce Suppes will handle leasing of the property on behalf of the new ownership.

November 27, 2019

Arizona Development Multifamily Student Housing Western

Public-Private Partnership Starts Construction of 374-Bed Residence Hall at Arizona State University Polytechnic

by Amy Works November 22, 2019

MESA, ARIZ. — Construction is underway on a 374-bed mixed-use community on the Arizona State University Polytechnic campus in Mesa. A public-private partnership between the university, Capstone Development Partners and equity partner Harrison Street is developing the $34.2 million community. The development will offer private- and shared-bedroom suites. Shared amenities include a main floor lounge and common kitchen; study space and lounges on each floor; and 8,500 square feet of academic space including classrooms, offices, conference areas and meeting areas. The project is scheduled for completion in fall 2020. Shepley Bulfinch is the designer, while CORE Construction is the general contractor for the development.

November 22, 2019

Acquisitions Arizona Multifamily Western

Highline Property Group Acquires Bloom 24 Apartment Community in Phoenix for $17.1M

by Amy Works November 20, 2019

PHOENIX — Denver-based Highline Property Group has purchased Bloom 24, an apartment community in Phoenix. LWH Bloom Apartments 24 sold the property for $17.1 million, or $150,438 per unit. Constructed in 1973 and fully renovated in 2015, Bloom 24 features 114 apartments in a mix of floor plans with stainless steel appliances, designer cabinetry, laminate countertops and breakfast bars. The modernized, loft-style units average 1,100 square feet and feature oversized windows. Community amenities include a swimming pool with cabanas, a fitness center and patio picnic areas. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Milichap, represented the seller and procured the buyer in the deal.

November 20, 2019

Acquisitions Arizona Office Western

Wilshire Capital Partners Acquires 177,520 SF Office Building in Phoenix’s Camelback Corridor for $54.5M

by Amy Works November 19, 2019

PHOENIX — Ryan Cos., as developer, builder, owner and property manager, has completed the disposition of 3900 Camelback Center. The Class A office building is located at 3900 Camelback Road in Phoenix’s Camelback Corridor. Wilshire Capital Partners acquired the asset for $54.5 million, or $306.44 per square foot. Certified LEED Gold, the 177,520-square-foot building features xeriscape (dry) landscaping, storm water management, water-efficient fixtures and parking for fuel-efficient vehicles. Additionally, local/recycled materials and natural wood and stone finishes were used throughout the space. The property features terraced balconies and views of Squaw Peak and the Camelback Mountains. Current tenants include Ryan Cos.’s Southwest office and the corporate headquarters of Shamrock Foods. Kevin Shannon, CJ Osbrink, Paul Jones, Ken White, Brunson Howard and Rick Stumm of Newmark Knight Frank represented the seller. David Milestone and Brett Green, also of Newmark Knight Frank, facilitated financial structuring and placement of debt for the buyer in the transaction.

November 19, 2019

Acquisitions Arizona Retail Western

Vestar Sells Grocery-Anchored Shopping Center for $18.2M in Gilbert, Arizona

by Amy Works November 19, 2019

GILBERT, ARIZ. — Phoenix-based Vestar has completed the sale of Lakeview Village at Morrison Ranch, a shopping center located at the corner of Higley and Elliot roads in Gilbert. Colorado-based JFRCO acquired the asset for $18.2 million. Developed in 2014, the 93,741-square-foot retail center is anchored by a 52,443-square-foot Bashas. At the time of sale, the property was 98.6 percent leased to a variety of tenants, including Dance Republic, Panda Express, UPS Store and Edward Jones. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while John Redfield of SRS Real Estate Partners represented the buyer in the deal.

November 19, 2019

Arizona Loans Multifamily ORIX Seniors Housing Western

Lancaster Pollard Closes $12.7M Bridge Loan for Seniors Housing Asset in Yuma, Arizona

by Amy Works November 19, 2019

YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of performance metrics. The lender was not disclosed. Rob McAdams led the transaction for Lancaster Pollard.

November 19, 2019

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