Arizona

Hall Structured Finance Provides $86.5M Construction Loan for Westin Tempe in Arizona

by Amy Works August 29, 2019

TEMPE, ARIZ. — Dallas-based Hall Structured Finance (HSF) has funded a new first-lien loan totaling $86.5 million to finance the construction of the full-service Westin Tempe hotel, located at 11 E. Seventh St. in Tempe. The borrower, Las Vegas-based CAI Investments, is developing the project. Construction began in March, with completion slated for second-quarter 2021. The 18-story hotel will feature 290 guest rooms, a rooftop infinity pool, poolside bar, fitness center, full-service restaurant and bar, business center, Starbucks Coffee and more than 10,000 square feet of meeting space. Aden Kuh of Silver Ridge Partners sourced the financing for the project.

August 29, 2019

Acquisitions Arizona Office Western

Black Salmon Acquires U.S. Bank Center in Phoenix for $93M

by Amy Works August 28, 2019

PHOENIX — Black Salmon, a national commercial real estate investment firm, has purchased U.S. Bank Center in Phoenix. Local news reports an acquisition price of $93 million, while Black Salmon claims a total capitalization of more than $107 million, inclusive of other costs. The buyer engaged in a joint venture with ScanlanKemperBard Cos., a privately held real estate merchant bank, for the transaction. Centrally located at 101 N. First Ave., the 375,862-square-foot, Class A office building is located in Phoenix’s downtown submarket. Currently, the high-rise building is 83 percent leased to a variety of tenants, including U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone. Additional terms of the transaction were not released.

August 28, 2019

Acquisitions Arizona Multifamily Western

IPA Arranges $58.5M Sale of Remington Ranch Multifamily Property in Metro Phoenix

by Amy Works August 28, 2019

LITCHFIELD PARK, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Remington Ranch, an apartment community in Litchfield Park, a western suburb of Phoenix. BRIO Investment Group sold the asset to JB Partners for $58.5 million, or $192,434 per unit. Remington Ranch is a two-story, low-density multifamily community featuring 304 apartments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

August 28, 2019

Arizona Development Mixed-Use Multifamily Restaurant Retail Western

Fore Property Acquires Mixed-Use Development Site in Downtown Phoenix for $9.3M

by Amy Works August 27, 2019

PHOENIX — Fore Property has purchased of the former O’Neil Printing facility, located at 366 N. Second Ave. in downtown Phoenix, for $9.3 million. The development site consists of 2.6 acres with three sides of street frontage. The buyer plans to develop a high-end, mixed-use project on the site. Totaling 285,000 square feet, the seven-story development will feature 323 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail and restaurant space, a rooftop deck with views of Phoenix, a pool and fitness center. Construction is slated to begin the first quarter of 2020, with completion scheduled for mid-2022. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors represented the buyer in the deal. The name of the seller was not released.

August 27, 2019

Arizona Industrial Market Reports Western Western Market Reports

Phoenix Eyes Industrial Prospects, Industrial Prospects Eye Phoenix

by Taylor Williams August 24, 2019

Phoenix is known for its strength as a logistics and distribution market. This is particularly true in the Southwest Valley, which has become the poster child for all that makes Phoenix industrial space great: strong population growth, a deep and qualified workforce, an abundance of land and building opportunities, and a lower-cost, business-friendly regulatory environment. As of the second quarter, these benefits helped the Southwest Valley emerge as No. 1 in the nation for industrial prospects looking for space (based on interest from at least 83 tenants with a maximum requirement of more than 30 million square feet). These prospects include national and regional distribution centers, third-party distribution providers, major ecommerce users, and a robust food and beverage sector led by companies like Fairlife Dairy, UFI, Ferrara Candy and Red Bull. It also comes from the reshoring of manufacturing from organizations like Hutamaki, Ball Enclosure and Anderson Windows. Data centers continue to flock to Phoenix as well, purchasing about 2,000 acres over the past 24 months and positioning the Valley among the nation’s top five U.S. data center markets. Data center interests like Microsoft, Vantage Data and Google have selected Phoenix for its low natural disaster risk, ample affordable land …

August 24, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Apartment Market Remains Red-Hot, Fueling Influx of New Capital

by Taylor Williams August 23, 2019

It isn’t just temperatures that are scorching in the Phoenix metro this summer. The multifamily rental market is hot as well; and vigorous demand is coming from both renters and investors. Investors are snapping up apartment properties and paying hefty prices. Buyers spent $3.72 billion on 94 Phoenix-area apartment complexes in the first half of 2019, a 41.8 percent jump from the first half of 2018. Sales in the $50 million range experienced the greatest rate of acceleration. The Driving Factors Behind Strong Demand Phoenix is the fastest-growing city in the U.S., according to recently released data from the U.S. Census Bureau. The region saw an increase of 25,288 new residents between 2017 and 2018, topping all other U.S. cities. One reason for that growth is that Phoenix remains more affordable than many other large U.S. metros. People are flocking to the Valley from high-cost, high-tech cities like Los Angeles and San Diego. Phoenix also boasts a thriving job market that includes a fast-growing, high-paying tech sector. Other booming industries include bioscience/healthcare and financial services. In fact, the Phoenix metro led the U.S. for new jobs created from May 2018 to May 2019 with 66,500 non-farm jobs, representing 3.2 percent …

August 23, 2019

Acquisitions Arizona Industrial Western

Nike Inc. Purchases 901,699 SF Industrial Asset in Arizona for $69.8M

by Amy Works August 22, 2019

GOODYEAR, ARIZ. — Nike Inc. has acquired an industrial property located at the south southeast corner of 143rd Avenue and Van Buren Street in Goodyear. An undisclosed seller sold the property for $69.8 million, or approximately $77 per square foot. Situated on 49.9 acres and built in 2018, the asset features 901,699 square feet of I-1-zoned industrial space. Walter Unger of Kasten Long Commercial Group arranged the transaction.

August 22, 2019

Acquisitions Arizona Retail Western

SRS Real Estate Partners Brokers $2.2M Sale of Walgreens-Occupied Property in Arizona

by Amy Works August 22, 2019

GILBERT, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 805 S. Val Vista Drive in Gilbert. An Arizona-based private investor sold the asset to a San Diego-based fund for $2.2 million. Walgreens occupies the 13,905-square-foot property, which was built in 1999 and features a drive-thru and two monument signs. The tenant recently signed a corporate-guaranteed lease extension. Patrick Luther, Britt Raymond and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Jan Fincham of Lee & Associates represented the buyer in the deal.

August 22, 2019

Acquisitions Arizona Multifamily Western

Acacia Capital Acquires 224-Unit Multifamily Community in Tempe for $58.5M

by Amy Works August 20, 2019

TEMPE, ARIZ. — Acacia Capital Corp. has purchased San Marquis, an apartment property located at 577 E Baseline Road in Tempe. A joint venture between Sequoia Equities and Mark-Taylor Residential sold the asset for $58.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction. The Class A multifamily community features a palm tree-lined, resort-style swimming pool with ramadas and an outdoor entertainment kitchen; a fitness center with stone and travertine finishes; and a resident clubhouse. The property features 224 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers/dryers.

August 20, 2019

Arizona Development Multifamily Western

Defer Gain, Pacific Oak Capital to Develop Three Affordable Apartment Assets in Downtown Phoenix

by Amy Works August 19, 2019

PHOENIX — A joint venture between Arizona-based Defer Gain LLC and Pacific Oak Capital Advisors is developing three apartment communities that combine affordability with amenities in downtown Phoenix. The projects are valued at $61 million. Situated within the Presidential District, the projects include the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. Located along the light rail line, the two communities are one stop from downtown Phoenix and three stops from Sky Harbor Airport. Additionally, the properties will feature luxury lobbies with mail rooms, including secured lockers for packages and cold/freezer storage for grocery deliveries; clubhouses; multi-purpose rooms; private conference rooms; exercise facilities; resort-style swimming pools; cabanas with private barbecues; and secured ingress/egress. Both properties will also feature street-level retail and mixed-use space. In September, the joint venture plans to break ground on The Imperial Apartment, a 140-unit workforce housing project located in the Edison Eastlake Choice Neighborhoods, which is undergoing a $150 million redevelopment.

August 19, 2019

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