Arizona

CBRE Global Investors Buys 115,280 SF Last-Mile Industrial Property in Metro Phoenix

by Amy Works March 11, 2020

GOODYEAR, ARIZ. — A fund sponsored by CBRE Global Investors has purchased a fully leased, built-to-suit distribution facility located at 14000 W. Grant St. in Goodyear, a suburb west of Phoenix. Terms of the transaction, including the name of the seller and acquisition price, were not released. Completed in 2019, the last-mile asset features 115,280 square feet of industrial space, 32-foot clear heights, private office space, 135-foot truck courts, 52-foot by 55-foot column spacing, LED lighting, an air-conditioned warehouse and ESFR sprinklers. As part of this transaction, the fund also acquired a fully leased, 115,280-square-foot industrial asset located at 1224 S. Orange Blossom Trail in Orlando.

March 11, 2020

Arizona Development Industrial Western

Lincoln Property Co. Breaks Ground on First Phase of 4.5 MSF Industrial Park in Arizona

by Amy Works March 5, 2020

GLENDALE, ARIZ. — Lincoln Property Co. (LPC) has broken ground on Park303, an industrial master-planned development in Glendale. At full build out, the park will accommodate up to 4.5 million square feet of freeway-fronting, Class A industrial space. Situated on 71.5 acres between Loop 303 and Sarival Road, the $115 million Phase I will include two buildings totaling 705,531 square feet and 488,995 square feet. The facilities will feature 40-foot clear heights, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site will offer full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbecue areas. Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development and Scottsdale Investment Management. Totaling 265 acres, the project will offer freeway access and easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue. Butler Design Group is serving as project architect for Phase I, Hunter Engineering is serving as civil engineer and Willmeng Construction as general contractor. Completion of Park303 Phase I is slated for fourth-quarter …

March 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Negotiates Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

Arizona Development Multifamily Student Housing Western

Toll Brothers Starts Construction of 826-Bed Canvas Student Housing Near Arizona State

by Amy Works March 4, 2020

TEMPE, ARIZ. — Toll Brothers Campus Living has started construction of Canvas, an 826-bed student housing community located near Arizona State University in Tempe. The property is scheduled for completion in fall 2023. The development will offer a mix of studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a rooftop swimming pool, outdoor grills, state-of-the-art fitness center, private study rooms, clubroom and e-sports lounge.

March 4, 2020

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works March 4, 2020

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit. Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied. Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

March 4, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $49.6M Sale of Country Club Verandas Multifamily Community in Arizona

by Amy Works March 3, 2020

MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Country Club Verandas, a multifamily property located along Country Club Drive in Mesa. Weidner Apartment Homes sold the asset to Bridge Investment Group for $49.6 million, or $142,529 per unit. Constructed in 1985, Country Club Verandas features 348 apartments and a swimming pool on a 13-acre site. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

March 3, 2020

Acquisitions Arizona Industrial Western

PICOR Arranges $2.6M Sale of Industrial Space in Tucson, Arizona

by Amy Works March 3, 2020

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of an industrial space located at 1951 W. Grant Road in Tucson. La Cholla-OG LLC acquired the 25,821-square-foot space from Wright & Case Holdings for $2.6 million. Robert Glaser and Max Fisher of Cushman & Wakefield|PICOR handled the transaction.

March 3, 2020

Arizona Development Industrial Western

ViaWest Breaks Ground on Superior Logistics Center in Phoenix Sky Harbor Submarket

by Amy Works March 2, 2020

PHOENIX — ViaWest Group has broken ground on Superior Logistics Center, which will occupy a 9.2-acre land site at the northwest corner of Superior Avenue and 44th Street just south of Sky Harbor Airport in Phoenix. Superior Logistics Center will consist of two mid-bay industrial buildings: 71,500 square feet and 79,200 square feet, with divisibility down to 15,000 square feet. The development team includes Alliance Bank of Arizona, Deutsche Architecture Group, Kimley-Horn and Nitti Builders. John Werstler and Cooper Fratt of CBRE’s Phoenix office are handling the leasing of the project.

March 2, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $3.5M Sale of Tucson East Apartments in Arizona

by Amy Works March 2, 2020

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Tucson East Apartments, a multifamily property in Tucson. A limited liability company sold the asset for $3.5 million. The buyer was an undisclosed limited liability company. Developed in 1982, Tucson East Apartments features 52 apartments in a mix of 41 one-bedroom/one-bath units and 11 two-bedroom/two-bath apartments. Unit interiors feature fully equipped kitchens with dishwashers and disposals, an intercom system linked to the community front gate and private patios or balconies. Community amenities include a heated swimming pool, spa, resident clubhouse, on-site leasing office and laundry center. Additional community amenities include photovoltaic solar panels, solarized resident hot water and reserved covered parking for select units. Hamid Panahi and James Crawley of Marcus & Millichap’s Tucson office, along with Michael Hubl of the firm’s Phoenix office, represented the seller and procured the buyer in the deal.

March 2, 2020

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Real Estate Begins Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works February 28, 2020

CHANDLER, ARIZ. — VanTrust Real Estate has started construction on Chandler Corporate Center II, the second phase of its 26-acre business center in Chandler. Located at 4100 W. Chandler Blvd., the two-story, 118,000-square-foot office building will feature a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes, along with integrated LED light fixtures. Designed by Butler Design Group, the building will consist of precast concrete perimeter bearing walls and steel frame super structures with 10- to 14-foot floor-to-floor heights. The property will be adjacent to Chandler Fashion Center and is easily accessible by nearby freeways. Slated for completion by September, the building will complement a similar building constructed in the first phase, which Allstate Insurance occupies. Future phases may include additional build-to-suit or speculative office and on-site retail space. Steven Leinweber is constructing the office project, which Colliers International is marketing.

February 28, 2020

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