YUMA, ARIZ. — Love Funding has secured a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma. The 32,000-square-foot facility will offer 41 Medicare and managed care beds upon completion. Love Funding’s Leonard Lucas secured the bridge loan through Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding for the developer-operator’s portfolio.
PHOENIX — Simone Bell Tower LLC has completed the sale of Bell Tower Apartments, a value-add multifamily community located at 17216 N. 33rd Ave. in North Phoenix. KA Capital acquired the property for $26.3 million. Completed in 1986, Bell Tower Apartments features 224 units. Brad Goff, Brett Polachek and Chris Center of Newmark Knight Frank represented the seller in the deal.
PHOENIX — Graycor Construction Co. has completed the construction of Ten Distribution Center Phase I in Phoenix for Irwin G. Pasternack AIA & Associates PC. Located at 8181 W. Roosevelt St., the 1.1 million-square-foot speculative industrial project features 40-foot clear height ceilings, cross-dock framework and high-volume trailer capabilities. The property is Foreign Trade Zone capable, which provides the opportunity for tenants to reduce real estate property and equipment taxes by as much as 72 percent, according to the builder. At build out, Ten Distribution Center will total 215 acres and 3.6 million square feet of space spread across six Class A industrial buildings, ranging in size from 175,000 square feet to 1.1 million square feet. Additionally, the project will include 15 retail, restaurant and service tenants fronting 83rd Avenue.
CHANDLER, ARIZ. — Salt Lake City-based Bridge Acquisitions has purchased Laguna Village, an apartment community located at 102 Palomino Drive in Chandler. Scottsdale, Ariz.-based PB Bell sold the property for $70.2 million. Built in 1985, the property consists of 31 two-story buildings totaling 363,684 square feet. The 460-unit property features one- and two-bedroom units, averaging 792 square feet with full-size, in-unit washers and dryers. The buyer plans to modernize the property. Cindy Cooke and Brad Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal.
GOODYEAR, ARIZ. — Phoenix-based LGE Design Build, in partnership with Clarius Partners, has broken ground on The HUB at Goodyear, a speculative industrial development. Situated on 43 acres at 305 S. Bullard Ave. in Goodyear, the 790,980-square-foot single-building property will feature 40-foot clear heights and 190-foot truck courts with 144 dock-high and four grade-level doors. Additional features will include a reinforced concrete slab, R-38 roof insulation, heavy power, energy efficient clerestory windows and gate-secure loading supported by 181 trailer and 420 auto parking spaces.
TUCSON, ARIZ. — Larsen Baker, through its affiliate Manzanita Investment Group, has purchased Manzanita Plaza, a neighborhood retail center located at the northwest corner of Valencia and Cardinal roads in Tucson. Community Centers of America-Glendale LLC sold the property for $15.1 million. Built in 1986, Safeway anchors the 116,400-square-foot plaza. The property includes McDonalds, Chase Bank and KFC out-parcels. At the time of purchase, the property was fully occupied. David Murphy and David Bernstein of Bernstein Murphy represented the seller, while Larsen Baker represented the buyer in the deal.
GILBERT, ARIZ. — Dallas-based Leon Capital Group plans to develop Residences at SanTan Village, a multifamily community located north of SanTan Village Mall in Gilbert. Situated on 15.8 acres, the Residences at SanTan Village will feature 380 units in six three- and four-story buildings designed in a modern prairie style. Construction is slated to begin in summer 2019 with the first units available in early fall 2020. The property will feature a variety of floor plans with best-in-class interior finishes, including nine- to 10-foot ceilings, urban mudrooms, smart locks, walk-in showers, soaking tubs, granite countertops, stainless steel appliances, wood-plank vinyl flooring and private garages. On-site amenities will include a two-tiered, zero-edge resort pool with swim-up hospitality and entertainment area with televisions; poolside cabanas; and a two-story fitness and wellness center with Peloton bikes and an indoor/outdoor yoga garden. The property will also feature a 1,900-square-foot sky terrace with chef’s kitchen; resident’s club and sports bar with kitchen and a multi-screen television wall; a business and conference center; outdoor gaming garden with grilling stations; and on-site, fully furnished guest suites. The property will also be walking distance to Top Golf, Main Event and SanTan Village, a 500-acre, open-air development featuring 3 million …
TUCSON, ARIZ. — SAFCO Capital has completed the disposition of a retail property, located at 3662-3692 S. 16th Ave. in Tucson. California-based CRE Strategic Investments acquired the asset for $2.5 million. At the time of sale, the 25,000-square-foot property was fully occupied by DaVita Dialysis and Desert Sports & Fitness. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.
TEMPE, ARIZ. — Broadstone Lakeside LLC, an entity formed by Phoenix-based Alliance Residential and Salt Lake City-based Cottonwood Residential, has completed the sale of Lakeside Drive, a multifamily property located at 500 W. First St. in Tempe. San Diego-based Lakeside Drive Apartments LLC acquired the asset for $44.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Situated in downtown Tempe, the new community features 150 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 919 square feet. Each unit features gourmet kitchens with gas cooktops, Energy Star appliances, granite countertops, wood-style flooring, in-unit washers/dryers, walk-in closets and Nest thermostats, as well as 19-foot ceilings and wine refrigerators in select units. Community amenities include a clubroom with gourmet kitchen, two-story fitness center, swimming pool, spa, poolside cabanas, outdoor entertainment pavilion, rooftop lounge, outdoor fire pits, grilling areas, complimentary coffee bar, complimentary beach cruisers and garage parking.
GLENDALE, ARIZ. — Dougherty Mortgage has closed a $9.5 million Fannie Mae loan for the acquisition of Tuscano Village Apartments. The borrower is 6816 W. Bethany Home Rd PCPRE LLC, through a partnership with Pinnacle Financial Group, a Marcus & Millichap company. Located in Glendale, Tuscano Village Apartments features 119 market-rate apartment units.