Arizona

Encore Real Estate Negotiates Sale of Walgreens Property in Glendale, Arizona

by Amy Works March 23, 2018

GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.

March 23, 2018

Acquisitions Arizona Industrial Office Western

NAI Horizon Negotiates $2.7M Acquisition of Flex Property in Mesa, Arizona

by Amy Works March 21, 2018

MESA, ARIZ. — NAI Horizon has arranged the acquisition of an office and industrial facility located at 10646 E. Pecos Road in Mesa. Peoria, Ariz.-based YBL LLC purchased the facility from DMW Properties, an Oregon limited liability company, for $2.7 million. The buyer, which operates as Liberty Lumber, is a contractor of residential and commercial lumber and supplies. The buyer plans to relocate its operation to the 12,436-square-foot facility. Rick Foss of NAI Horizon represented the buyer, while Tom Bean, also of NAI Horizon, represented the seller in the transaction.

March 21, 2018

Acquisitions Arizona Mixed-Use Office Restaurant Retail Western

DPC Acquires 145,000 SF Mixed-Use Development in Scottsdale for $16M

by Amy Works March 20, 2018

SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.

March 20, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Acquires 110-Unit Multifamily Property in Tucson for $10.5M

by Amy Works March 19, 2018

TUCSON, ARIZ. — Alpha Wave Investors has purchased Orange Tree Village, a townhome-style multifamily property located at 645 W. Orange Grove Road in the Casas Adobes neighborhood of Tucson. A Texas-based private investor sold the property for $10.5 million. Alpha Wave plans to invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations and a dog park. Constructed in 1981, the property features one-, two- and three-bedroom floor plans with private patios. At the time of acquisition, the 110-unit property was 85 percent occupied. Alon Shnitzer of ABI Multifamily represented the buyer, while John Ibrahim, also of ABI Multifamily, represented the seller in the deal. David Walkin of Meridian Capital Group arranged the acquisition financing for the buyer. Thorofare Capital funded the loan.

March 19, 2018

Acquisitions Arizona Retail Western

NKF Capital Markets Brokers $8.8M Sale of Retail Property in Prescott, Arizona

by Amy Works March 19, 2018

PRESCOTT, ARIZ. — NKF Capital Markets has arranged the sale of Prescott Gateway Mall, located at 3250 Gateway Blvd. in Prescott. T. Prescott AZ LLC sold the property to Prescott Gateway Mall Realty Holding for $8.8 million. Situated on 37.9 acres, the 318,503-square-foot property was approximately 75 percent occupied at the time of sale. Dillards, JCPenney, Sears, Bed Bath & Beyond, Michaels, Cost Plus World Market, Pier 1 Imports, Texas Roadhouse, Wild Flower Bread Co., Buckle, Chico’s, Maurie’s, Rue 21 and Victoria’s Secret are tenants at the mall. Thomas Dobrowski and David Guido of NKF aided the buyer and seller in the transaction.

March 19, 2018

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $2.6M Sale of Apartment Building in Downtown Tempe

by Amy Works March 19, 2018

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of an apartment building located at 407-419 W. Seventh St. in Tempe. An out-of-state 1031 exchange investor acquired the property from a local limited liability company for $2.6 million, or $184,557 per unit. The property features 14 apartment units. Rich Butler of Marcus & Millichap represented the seller and buyer in the transaction.

March 19, 2018

Acquisitions Arizona Multifamily Western

Transwestern Development Sells 290-Unit Multifamily Community in Tempe

by Amy Works March 16, 2018

TEMPE, ARIZ. — Transwestern Development Co., in partnership with FL Lakeside Investor LLC, has completed the disposition of Vela, a multifamily community located at 555 N. College Ave. in Tempe. Los Angeles-based Pacific Development Partners acquired the 290-unit property for an undisclosed price. The property features a resort-style pool with cabanas; a fitness center with touch-screen cardio equipment and free weights; an indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; an activity courtyard with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and an outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the transaction.

March 16, 2018

Acquisitions Arizona Colorado Industrial Self-Storage Western

JV Acquires Two-Property Self-Storage Portfolio in Arizona, Colorado

by Amy Works March 14, 2018

GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.

March 14, 2018

Arizona Office Western

Arch Street Capital Acquires 180,480 SF Office Property in Gilbert, Arizona

by Amy Works March 13, 2018

GILBERT, ARIZ. — Arch Street Capital Advisors, on behalf of an institutional client, has purchased El Dorado Tech Center in Gilbert for an undisclosed price. Scottsdale, Ariz.-based GoDaddy.com fully occupies the 180,480-square-foot office property. The name of the seller was not released.

March 13, 2018

Arizona Multifamily Western

High Street Residential, MetLife Start Construction of 190-Unit Multifamily Property in Phoenix

by Amy Works March 13, 2018

PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.

March 13, 2018

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