PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.
SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living. Koelsch is planning a $500,000 renovation for that community. The company has also started construction of The Park at Surprise, a 155-unit independent living community also next door to Rock Creek. The three neighboring communities will be combined into one campus, offering a larger continuum of care. Koelsch Communities operates 27 communities in eight states and has eight more under construction.
CHANDLER, ARIZ. — LCS, Harrison Street Real Estate Capital and Ryan Cos. US Inc. have started construction of Clarendale of Chandler, a 262,000-square-foot seniors housing community in the Phoenix suburb of Chandler. Once completed, the Class A community will be located on 16.5 acres and offer 116 independent living units, 64 assisted living units, 38 memory care units and 14 duplex villas. It will be the sixth Clarendale-branded community in the country, and the first in the Southwest. Ryan Cos. is acting as developer and general contractor, and its architecture and engineering team, Ryan A + E, will design the community. Direct Supply Aptura is providing interior design services. Life Care Services, an LCS Company, will operate the community once completed. Clarendale of Chandler is scheduled to open in the spring of 2019.
CHANDLER, ARIZ. — CBRE has arranged the $13.9 million sale of Dobson Center, a 41,546-square-foot retail and medical office center in Chandler. Dobson Center includes a freestanding Starbucks Coffee, 12,842 square feet of retail space and a 26,704-square-foot medical office building. At the time of sale, the property was more than 97 percent leased to tenants including MomDoc, Sonora Quest, Pure Barre, East Valley Internal Medicine and Solis Mammography. Andrew Fosberg, Chris Ackel and Dylan Brown of CBRE arranged the transaction on behalf of the seller, Dobson Center LLC, an entity formed by ZDI LLC. Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip Landry and Donna Landry Family Trust.
PHOENIX — An undisclosed buyer has purchased the 240-unit Mountain Park apartments in Phoenix’s Ahwatukee Foothills Village for $40.4 million. The community is located at 4221 E. Ray Road. Mountain Park has immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway and the Loop 202 Expansion/South Mountain Freeway. The community was developed in 1994. Institutional Property Advisors brokered the sale.
GOODYEAR, ARIZ. — Lincoln Property Co. has announced plans to break ground on Lincoln Logistics 40, a 901,700-square-foot spec industrial development in Goodyear, in December. The development will be the area’s first speculative industrial project to offer a 40’ clear ceiling heights. The project will be situated along Interstate 10 at Bullard Avenue on 50 acres within the Airport Gateway at Goodyear business park. Lincoln Logistics 40 will feature 169 dock and grade-level doors, 185 trailer storage stalls, up to 660 parking stalls, fiber optic data and energy-efficient clearstory windows in lieu of skylights. Completion is slated for mid-2018. Layton Construction will build the project. The architect is Butler Design Group. CBRE’s Pat Feeney, Dan Calihan and Rusty Kennedy represented the land seller, EJM Development Co. The firm’s John Werstler and Cooper Fratt represented Lincoln Property in the land purchase. Werstler, Kennedy and Fratt serve as the Lincoln Logistics 40 exclusive leasing team.
TUCSON, ARIZ. — HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia Verde, which was 99 percent leased at the time of sale to tenants including Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery and Jamba Juice.
TEMPE, ARIZ. — Hilton has opened the new dual-branded Hilton Garden Inn Phoenix-Tempe ASU Research Park and Home2 Suites by Hilton Phoenix-Tempe ASU Research Park in Tempe. These hotels will add 228 new rooms to the Arizona State University area. Developer RB-WW Tempe LLC owns the properties, which Widewaters Tempe Hotel Management Company LLC manages. The hotels are situated across the street from the 320-acre ASU Research Park, which serves as the headquarters for GoDaddy and Shutterfly, among others. The hotel has two distinct lobbies and will share access to an outdoor pool, fire pit and barbeque grill area, and fitness center.
PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site. The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and retail and dining destinations, including Biltmore Fashion Park. The Pearl Biltmore is scheduled to open in the third quarter of 2019. CBRE’s Bert Kempfert arrange the sale. CCBG Architects is designing the community.
PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by Revello Housing LLC and will comprise one four-story building totaling approximately 81,000 square feet. The 76 units will include one- and two-bedroom units designed for the elderly. Rainbow will provide programming for seniors at the property such as computer training, financial literacy workshops, health promotion and disease prevention.
