Arizona

Bridge Investment Group Purchases 439,584 SF Office Campus in Phoenix

by Amy Works October 16, 2019

PHOENIX — Bridge Investment Group’s subsidiary Bridge Office Fund Manager has purchased Phoenix Gateway Center, a Class A office campus located on North 44th Street in Phoenix. The 439,584-square-foot asset consists of two four-story buildings (One Gateway and Two Gateway) and one 11-story building (Three Gateway). Originally built between 1984 and 1988, the office complex recently underwent more than $4.7 million in renovations and capital improvements. Bridge plans to invest approximately $2.7 million in further enhancements at Phoenix Gateway Center, including upgrades to lobbies, elevator cabs, outdoor space, common areas on the individual floors, the fitness center and the conference room. Renovations are slated to begin immediately, with the first phase scheduled for delivery in second-quarter 2020. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle the leasing of the property. Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work at Phoenix Gateway.

October 16, 2019

Acquisitions Arizona Retail Western

SRS Negotiates Sale of 119,525 SF Glendale Galleria in Arizona

by Amy Works October 15, 2019

GLENDALE, ARIZ. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Glendale Galleria, a neighborhood shopping center located at 5880 W. Peoria Ave. in Glendale. Brixmor Property Group sold the asset to a Florida-based private investor for an undisclosed price in a 1031 exchange. Built in 1989/1990 and renovated in 2018, the 119,525-square-foot property is situated on 12.7 acres. At the time of sale, the shopping center was 87 percent occupied by major tenants including LA Fitness, Sears Outlet, Synergy Gymnastics and TitleMax Title Loans. Additionally, the asset has four outparcels, which were not part of the sale. Outparcel tenants include Applebee’s, Arby’s, a car wash and Manuel’s Mexican Restaurant. Chris Tramontano and John Redfield of SRS represented the seller in the deal.

October 15, 2019

Acquisitions Arizona Retail Western

Cave Creek Capital Partners Sells Retail Center in Metro Phoenix for $8.8M

by Amy Works October 8, 2019

PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.

October 8, 2019

Acquisitions Arizona Multifamily Western

CBRE Brokers $30.7M Sale of Solano Vista Apartment Community in Glendale, Arizona

by Amy Works October 7, 2019

GLENDALE, ARIZ. — CBRE has arranged the sale of Solano Vista, an apartment community located at located at 7102 N. 43rd Ave. in Glendale. Phoenix-based 3rd Ave Investments sold the asset to Salt Lake City-based Sundance Bay LLC for $30.7 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the seller and buyer in the deal. The property recently underwent a renovation and rebranding. The community features 352 apartments, a fitness center, clubhouse, dog park, playground, four swimming pools, multiple laundry facilities, barbecues, covered parking and secured gate access.

October 7, 2019

Acquisitions Arizona Retail Western

Capstone Advisors Acquires 18,037 SF Retail Space at Tuscano Town Center in Phoenix

by Amy Works October 7, 2019

PHOENIX — An affiliate of Capstone Advisors has purchased a retail portion of Tuscano Town Center. The full complex totals 250,331 square feet and is located at the southwest corner of West Lower Buckeye Road and South 75th Avenue in the Tuscano master-planned community in southwest Phoenix. Terms of the transaction were not released. At the time of sale, the 18,037-square-foot retail section was 100 percent leased to 12 tenants, including Allstate Insurance, GameStop, Sally Beauty, Subway and T-Mobile. Matt Milinovich and James DeCremer of Strategic Retail Group will continue to handle leasing. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while Capstone was self-represented in the transaction. La Jolla, Calif.-based Silvergate Bank of provided financing for the acquisition.

October 7, 2019

Acquisitions Arizona Net Lease Retail Western

Progressive Real Estate Partners Brokers $3.3M Sale of Preschool Property in Goodyear, Arizona

by Amy Works October 3, 2019

GOODYEAR, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property, located at 13201 W. Thomas Road in Goodyear. An Arizona-based private investor sold the property to a Southern California-based private investor for $3.3 million in a 1031 exchange transaction. Sunrise Preschools, Child Care Network, has occupied the 8,500-square-foot property on a triple-net-lease basis for more than 20 years. The preschool caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers, preschool and before- and after-school care. The property was built in 1999. Brad Umansky and Mike Lin of Progressive Real Estate Partners represented the seller and buyer in the transaction.

October 3, 2019

Acquisitions Arizona Office Western

Griffin Capital Acquires McKesson III Office Building Near Phoenix for $37.7M

by Amy Works October 1, 2019

SCOTTSDALE, ARIZ. — Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building located in Scottsdale. Ryan Cos. sold the asset for $37.7 million. McKesson Corp. occupies the 124,879-square-foot asset, which is situated on 11 acres at 5801 N. Pima Road, on a long-term basis. McKesson, a healthcare industry supplies and technology company, utilizes the facility as an expansion of its Scottsdale office campus. The project is subject to an 83-year leasehold interest in land owned by members of the Salt River Pima-Maricopa Indian Community. Ryan Cos., as general contractor and developer, completed the facility in June. Griffin Capital Essential Asset REIT purchased two adjacent buildings, also leased by McKesson, in April 2018 for $67 million. Team Toci of Cushman & Wakefield represented Ryan Cos. in the sale of McKesson III.

October 1, 2019

Arizona Development Retail Western

Evergreen Devco Breaks Ground on 172,000 SF Shopping Center in Metro Phoenix

by Amy Works October 1, 2019

GILBERT, ARIZ. — Evergreen Devco has commenced construction for The Post at Cooley Station, a grocery-anchored shopping center located at the southeast corner of Recker and Williams Field roads in Gilbert. Situated on 23 acres, the retail center will feature 23,000 square feet of multi-tenant shop space in three buildings. Anchored by Fry’s Marketplace, the project will also include AutoZone, Taco Bell and Burger King. Currently, the center is 65 percent preleased, with one junior-anchor pad available. Butler Design Group, Optimus Civil Design Group, Kraemer Engineers and Laskin & Associates are the design consultants for the project. Alexander Building Co. is serving as site contractor. Evergreen Devco purchased the property on Sept. 19, and construction is scheduled for completion in third-quarter 2020.

October 1, 2019

Acquisitions Arizona Office Western

Joint Venture Sells 127,612 SF Deer Valley Financial Center in Phoenix for $22.1M

by Amy Works September 30, 2019

PHOENIX — A joint venture between Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors has completed the disposition of Deer Valley Financial Center, an office property located at 2260 N. 19th Ave. in Phoenix. The Rodriguez Family Trust of Los Angeles acquired the asset for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE Institutional Properties in Phoenix and Geoff Turbow, Matt Pourcho and Anthony DeLorenzo of CBRE Investment Properties-SoCal/Phoenix represented the ViaWest Group in the transaction. Built in 2001, the two-story building features 127,612 square feet of Class A office space, including a common area and lobby, new tenant amenity lounge, an on-site café and bank. Additionally, the property features a parking ratio of 4.6 spaces per every 1,000 square feet.

September 30, 2019

Acquisitions Arizona Multifamily Western

Security Properties Acquires 172-Unit The Rev Apartments in Arizona for $28.2M

by Amy Works September 25, 2019

TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million. Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community amenities include a fully renovated leasing office and fitness center, as well as an outdoor heated swimming pool and spa. Security Properties has a light upgrade planned for the property, including adding a number of supplemental items to unit kitchens and strategic improvements to the community’s amenity package. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this acquisition, Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio, including eight properties and more than 3,200 units in the Phoenix market.

September 25, 2019

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