Arizona

Morgan, Mesirow Financial Purchase Site for 474-Unit Pearl Biltmore Apartment Complex in Phoenix

by Nellie Day November 9, 2017

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.

November 9, 2017

Arizona Multifamily Seniors Housing Western

Bethel Development Building Affordable Seniors Housing Community in Phoenix

by Nellie Day November 9, 2017

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.

November 9, 2017

Arizona Hospitality Western

AC Hotel by Marriott to Join Mixed-Use Center in Downtown Phoenix

by Nellie Day November 7, 2017

PHOENIX — AC Hotel by Marriott will be added to Arizona Center, a mixed-use entertainment destination in downtown Phoenix’s. The 200-room hotel will be built on a 49,190-square foot parcel on 5th Street between Fillmore and Van Buren streets. The 31-story tower is slated to begin construction in 2018. LaPour Partners is developing the hotel. Parallel Capital Partners own Arizona Center.

November 7, 2017

Arizona Multifamily Western

Wood Partners Sells 350-Unit Apartment Complex in Phoenix

by Nellie Day November 6, 2017

PHOENIX — Wood Partners has sold the 350-unit Altera Highland apartments in Phoenix for an undisclosed sum. The community is located at 1602 E. Highland Ave. The buyer was not disclosed. Altera Highland was built in 1998. It features one- to three-bedroom units, all of which were renovated in 2017. The owners also renovated the clubhouse, fitness center, resort-style pool and spa area, private cabanas, outdoor kitchen and outdoor fireplace. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented Wood Partners in the transaction.

November 6, 2017

Arizona Office Western

DP Electric Buys 34,370 SF Office Building in Tempe for $3.4M

by Nellie Day November 2, 2017

TEMPE, ARIZ. — DP Electric has purchased a 34,370-square-foot office building in Tempe for $3.4 million. The building is located at 2210 S. Roosevelt St. The space will serve as the firm’s new corporate headquarters. The office will be renovated to house the company’s entire staff under one roof. Renovations will include an open-concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. It will also include an employee gym, locker rooms, and a café and event space that open to the outdoors with an adjacent large patio for entertaining. DP Electric has been at its current Tempe location since 2005, and will begin operating out of the new corporate headquarters by summer 2018. Kurt Saulnier of Lee & Associates Arizona represented the electrical contracting firm while Eric Jones of Commercial Properties Incorporated represented the seller, Robert Coleman Trust.

November 2, 2017

Arizona Industrial Western

AllState Buys Last-Mile Warehouse Facility in Tempe

by Nellie Day October 31, 2017

TEMPE, ARIZ. — AllState has purchased Tempe Logistics Center, a 175,314-square-foot industrial building in Tempe, for an undisclosed sum. The building is located at 1524 W. 14th St. The asset serves as a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio and 130-foot truck courts. Recent tenant improvements include the installation of full air conditioning in the office and warehouse space, a new office and kitchen buildout, and an upgraded power supply. The asset is fully leased to investment-grade tenants. CBRE Global Investors acquired the property on behalf of AllState. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, LBA Realty, in this transaction.

October 31, 2017

Arizona Multifamily Top Stories Western

Bascom Acquires 724-Unit Multifamily Portfolio in Scottsdale for $148M

by Taylor Williams October 30, 2017

SCOTTSDALE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based private equity firm The Bascom Group, has acquired a two-property multifamily portfolio totaling 724 units in Scottsdale. The sales price was $148 million, or $204,420 per unit. The seller was a fund managed by London-based TH Real Estate. Legend at Kierland and Tradition at Kierland are both Class A properties situated within the Kierland master-planned community in North Scottsdale. Both are located within walking distance of Scottsdale Quarter and Kierland Commons, two shopping and entertainment developments. Both properties were constructed in the late 1990s by luxury apartment builder Mark Taylor. Each property offers a resort-style pool and spa, volleyball and tennis courts, a 24-hour fitness center and attached garages. The purchase follows Bascom’s recent acquisition of an 812-unit portfolio of three multifamily properties located in Tucson and Sierra Vista. The sales price of that transaction was approximately $70.2 million. The new ownership plans to invest in capital improvements to both properties, including upgrades to the leasing offices, pool and other common areas and unit interiors. “The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location,” says Mark Brotherton, portfolio …

October 30, 2017

Arizona Office Western

ChargePoint Leases 10,000 SF Office Space at Riverwalk at Talking Stick in Scottsdale

by Nellie Day October 27, 2017

SCOTTSDALE, ARIZ. — ChargePoint has leased 10,000 square feet of office space at Riverwalk at Talking Stick in Scottsdale. The lease includes plans for the world’s largest electric vehicle (EV) charging network to install vehicle charging stations at the 176-acre, 1.5 million-square-foot, Class A office campus situated off Loop 101. Eric Walker of Cresa represented ChargePoint. Kurt Rosene of NOVO Development represented the landlord, Alter, in this transaction.

October 27, 2017

Arizona Multifamily Seniors Housing Western

P.B. Bell Plans 165-Unit Seniors Housing Community Near Phoenix

by Nellie Day October 19, 2017

GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily community also located within Aspera. P.B. Bell is partnering on the project with Cadence Senior Living, a Scottsdale-based seniors housing development and management company. Floor plans range in size from a 367-square-foot studio in the memory care area to a 1,076-square-foot, two-bedroom residence in the independent living area. Inspira at Arrowhead is slated for completion in January 2019 with reservations scheduled to begin in mid-2018.

October 19, 2017

Arizona Retail Western

Cushman & Wakefield Arranges $10.2M Sale of Grocery-Anchored Center in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.

October 16, 2017

Newer Posts

Older Posts