PHOENIX — Security Properties, along with funds managed by Oaktree Capital Management, has purchased Pavilions on Central, a multifamily property located at the intersection of Central and Campbell avenues in Phoenix, for $59 million. The name of the seller was not released. Located within the Midtown neighborhood of Phoenix, Pavilions on Central features 254 apartments in a mix of one-, two- and three-bedroom floorplans with an average unit size of 1,109 square feet. Although the property underwent renovations in 2013 and 2016, Security Properties plans to renovate all of the bathrooms at the property to high-end specs to match the kitchen renovations. Security Properties Residential, an affiliate of Security Properties, will manage the property. With this acquisition, Security Properties owns nine assets totaling more than 3,700 units in the Phoenix marketplace.
DECATUR, GA. AND CHANDLER, ARIZ. — Westwood Financial LLC has acquired two Sprouts-anchored retail centers located in Decatur and Chandler for a combined $66.2 million. The properties were acquired in separate transactions, and the individual sales prices were not disclosed. In Atlanta, Westwood acquired Decatur Crossing, an 81,900-square-foot shopping center that was constructed in 2017. Atlanta-based Fuqua Development developed and sold the property, according to the Atlanta Business Chronicle. HFF arranged a loan through Unum Group on behalf of Westwood. Decatur Crossing was fully leased at the time of sale. In Chandler, an eastern suburb of Phoenix, Westwood acquired Boardwalk at Andersen Springs. Constructed in 2005, the property is the home of the original Sprouts Farmers Market. HFF arranged an acquisition loan through Nationwide Life Insurance Co. on behalf of Westwood. Boardwalk at Andersen Springs was 97 percent leased at the time of sale.
SURPRISE, ARIZ. — NAI Horizon has arranged the sale of an office building located at 14780 W. Mountain View Blvd. in Surprise. Bellevue, Wash.-based Surprise Mountain LLC sold the property to Scottsdale, Ariz.-based Development Services of America for $3.2 million. Constructed in 1998, the 32,505-square-foot property features 212 parking spaces. At the time of acquisition, the property was 82 percent occupied. Tyler Smith of NAI Horizon, along with Marcus Muirhead of Lee & Associates, represented the seller, while John Cerchiai of Lee & Associates represented the buyer in the deal.
PHOENIX — SVN Desert Commercial Advisors has brokered the sale of Mountain View Plaza, a neighborhood shopping center located at 9812-9832 N. Seventh St. in Phoenix. Local restaurateurs Robert Brescia and Dino Brescia sold the property to Hawaii-based Rajan Watumull of Watumull Enterprises for $5.2 million. Situated on 2.7 acres, the property features 26,000 square feet of retail space. Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors represented the seller, while Brian Kocour of Kocour Cos. represented the buyer in the deal.
PHOENIX — LevRose Commercial Real Estate/TCN Worldwide has arranged the acquisition of Bell Park Plaza, a shopping center located at the northeast corner of 43rd Avenue and Bell Road in Phoenix. Canada-based Triumph Real Estate Investment Fund from Hanley V Properties purchased the retail property for $7.2 million. At the time of closing, the 33,480-square-foot property was 93 percent occupied. Tenants include Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Jon Rosenberg and Keri Davies of LevRose represented the buyer, while Greg Abbot of CBRE represented the undisclosed seller in the deal.
CHANDLER, ARIZ. — The Silver Group has brokered the sale of a single-tenant retail property located at 4314 E. Chandler Blvd. in Chandler. A local buyer acquired the property from a West Coast-based seller for an undisclosed price. The property consists of a freestanding, 6,500-square-foot building, which O’Reilly Auto Parts occupies. CSK Auto developed and occupied the property, which the undisclosed seller acquired in 2000. O’Reilly Auto later acquired CSK, forming the nation’s third largest auto parts retailer operating 5,000 locations in 47 states. The Silver Group represented the buyer and seller in the deal.
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.
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.
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.
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.