GLENDALE, ARIZ. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged $25 million in financing for Thunderbird Senior Living, a 340-unit community in Glendale. The refinancing was secured through an agency lending program. Richard Thomas, Meredith Davis and Kim Huffstutler originated the loan.
PRESCOTT, ARIZ. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.
GOODYEAR, ARIZ. — Adelante Health Center has opened Adelante Health Center, its newest healthcare facility in Goodyear. Situated on 7 acres at 13471 W. Cornerstone Blvd., the 45,000-square-foot facility features a variety of services including family medicine, internal medicine, OB/GYN, family dental, behavioral health, on-site laboratory, pharmacy, WIC/nutrition and pediatrics. The $4.7 million facility is located just east of Abrazo West Campus Hospital. Adelante Healthcare is a nonprofit that operates 10 healthcare centers in Central Arizona.
TUCSON, ARIZ. — Dougherty Mortgage has closed a $23.1 million Fannie Mae loan for Bear Canyon, a market-rate apartment complex in Tucson. The borrower, Tucson M3-13 LLC, will use proceeds of the 10-year loan to purchase the 238-unit property. Additional details of the financing were not released.
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.
