Arizona

Blueprint Brokers Sale of 128-Bed Skilled Nursing Facility Near Phoenix

by Amy Works May 11, 2018

PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.

May 11, 2018

Arizona Development Multifamily Seniors Housing Western

Ryan Cos., Cadence Senior Living Start Construction of 170-Unit Project in Arizona

by Amy Works May 10, 2018

MESA, ARIZ. — Ryan Cos. and Cadence Senior Living have unveiled plans for Azure Mesa, a 170-unit independent living, assisted living and memory care community in Mesa, a suburb of Phoenix. The upscale, 183,000-square-foot property will feature 142 units that may be used for independent living or assisted living, plus 28 units devoted to memory care. Construction is already underway, with a planned delivery of summer 2019. HFF worked on behalf of Cadence and Ryan to arrange a joint venture equity partnership with an undisclosed institutional partner. Azure Mesa is located on an eight-acre site adjacent to Granite Reef Park, close to restaurants, retail, recreation and medical services. Ryan A+E is designing the community, while Studio SIX5 is designing the interiors. The Cadence-Ryan team is working on a second Azure location in North Scottsdale, which recently received Scottsdale City Council approval. Ryan Companies currently has over 600,000 square feet of senior living projects under construction in Arizona and nationally has completed over 4 million square feet of senior living communities. Cadence Senior Living has over 30 years of seniors housing development and management experience.

May 10, 2018

Acquisitions Arizona Industrial Self-Storage Western

NAI Horizon Negotiates $10.8M Sale of Self-Storage Facility in Metro Phoenix

by Amy Works May 10, 2018

BUCKEYE, ARIZ. — NAI Horizon has arranged the sale of a self-storage facility, located at 24901 W. Yuma Road in Buckeye, a western suburb of Phoenix. A California-based buyer acquired the property from Storage American DBA Store-All America RV and Self-Storage for $10.8 million, or $100.39 per square foot. Situated on 9.1 acres, the 107,130-square-foot facility features 638 drive-up self-storage units and 240 outdoor RV parking spaces. Additionally, the sale included a U-Haul moving truck business. Denise Nunez of NAI Horizon represented the buyer and seller in the transaction.

May 10, 2018

Arizona Development Multifamily Seniors Housing Western

Foresight, W.E. O’Neil to Break Ground on 80,000 SF Assisted Living Community in Arizona

by Amy Works May 8, 2018

GILBERT, ARIZ. — Foresight Senior Living Development LLC and W.E. O’Neil Construction Co. will break ground May 9 on Eternal Spring of Gilbert Senior Living Community in Gilbert, a suburb of Phoenix. The 80,000-square-foot community will offer 59 assisted living apartments and 36 memory care apartments. The groundbreaking ceremony will feature Vice Mayor Bridgette Peterson of the Town of Gilbert; Earl Kaplan, Lily Cheng and Jack Cheng of Foresight; Linda Edwards and Nathan Williams of the Town of Gilbert Planning Department; Bryan Dunn of W.E. O’Neil Construction Co. of Arizona; Joel Saurey and Tom Snyder of EPS Group; and other Town of Gilbert leaders and business leaders.

May 8, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges $2.3M Sale of Apartment Complex in Tucson, Arizona

by Amy Works May 8, 2018

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of La Promesa Apartments, a multifamily property located at 2485 N. Alvernon Way in Tucson. La Promesa Homes LLC acquired the property from Our Family Services LLC for $2.3 million. The multifamily complex features 40 apartments. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.

May 8, 2018

Acquisitions Arizona Hospitality Western

Mortenson Sells 210-Key Hampton Inn & Suites in Downtown Phoenix for $44M

by Amy Works May 4, 2018

PHOENIX — Mortenson, a U.S.-based construction and real estate development company, has completed the construction of a Hampton Inn & Suites by Hilton in downtown Phoenix. Located at 77 E. Polk St., the 11-story hotel features 210 guest rooms. Apple Hospitality REIT acquired the newly completed hotel for $44 million, or $210,000 per key. The 123,900-square-foot property offers a bar and lounge, business center, meeting space, fitness center and breakfast room. North Central Group will manage the hotel, which is the first Hampton Inn & Suites hotel in downtown Phoenix. Mortenson served as developer and general contractor, PK Architects provided architectural services, Design Force served as interior designer, and PK Associates, Peterson Associates Consulting Inc. Dibble Engineering provided engineering services for the project.

May 4, 2018

Arizona Development Industrial Office Retail Western

Sigma Contracting Breaks Ground on 100,000 SF Furniture Warehouse in Mesa, Arizona

by Amy Works May 4, 2018

MESA, ARIZ. — Sigma Contracting has broken ground on a headquarters and warehouse facility for Potato Barn, a high-end furniture retailer. Situated on 8.4 acres at 7104 E. Ray Road in Mesa, the 100,000-square-foot property will feature 50,000 square feet of retail space, 30,000 square feet of warehouse space and a 20,000-square-foot outlet store. The $7.4 million facility is slated to open in January 2019. Perez McGree is providing architectural services for the project. The family-owned store plans to consolidate its operations into the new facility and close its locations at 4900 E. Power Road and 586 E. Germann Road in Gilbert, Ariz.

May 4, 2018

Acquisitions Arizona Hospitality Multifamily Western

Orion Investment Negotiates $3.3M Sale of Motel Property in Phoenix

by Amy Works May 4, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a motel property located at 3547 E. Van Buren St. in Phoenix. Risi Cos. acquired the short-stay motel, formerly known as Best Inn Suites, from Rudra Investment for $3.3 million, or $50,000 per unit. The buyer plans to convert the 66-room motel into an apartment property. At the time of sale, the motel was 97 percent occupied under daily, weekly and monthly terms. Zach Mishkin of Orion represented the buyer, while Joseph Dietz and Bob Farrell of Orion represented the seller in the deal.

May 4, 2018

Acquisitions Arizona Industrial Leasing Activity Western

Brennan Investment Group Completes Acquisition, Leaseback of 79,968 SF Industrial Facility in Phoenix

by Amy Works May 3, 2018

PHOENIX — Brennan Investment Group has acquired a two-building industrial facility, located at 4245 N. 40th Ave. in Phoenix, for an undisclosed price. The 79,968-square-foot property was simultaneously leased back to the seller, F&B Manufacturing, a provider of parts for the aerospace, automotive, power generation and semi-conductor industries. F&B Manufacturing uses the facility at its headquarters and for manufacturing and distribution.

May 3, 2018

Acquisitions Arizona Retail Western

NAI Horizon Facilitates $6.3M Sale of Flex Building in Scottsdale, Arizona

by Amy Works May 1, 2018

SCOTTSDALE, ARIZ. — NAI Horizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale’s Airpark submarket. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to convert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon represented the seller, while Steve Burger of CRE Property Advisors represented the buyer in the transaction.

May 1, 2018

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