MESA, ARIZ. — Barker Pacific Group (BPG) has acquired Mesa Financial Plaza, a 311,132-square-foot Class A office building in Mesa, for an undisclosed sum. The 16-story building is located at 1201 Alma Road. BPG plans to increase the building’s occupancy and upgrade common areas through renovations to the lobby and corridors. Updated monument signage and lighting will also be added to further enhance the building’s prominence on the skyline. BPG team secured debt financing from NXT Capital with the help of Palmer Capital. Matt Nebeker of Cushman & Wakefield will lead the building’s leasing efforts.
PHOENIX — WWC Holdings, a Canadian investor, has acquired the 244-unit Marble Creek apartments in Phoenix for $16.7 million. The community is located at 5601 W. McDowell Road. Marble Creek was built in 1985. It was 96 percent occupied at the time of the sale. WWC plans to normalize rents and bring them to market average. The company will also invest in washer/dryer installs and interior upgrades to units. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International negotiated the sale transaction. The seller was Marble Creek LLC, an Arizona limited liability company formed by a local, private investor.
SCOTTSDALE, ARIZ., AND NEWPORT BEACH, CALIF. — Cadence Senior Living, a Scottsdale-based owner, developer and operator, and Emerald Real Estate Partners LLC, an investment management firm based in Newport Beach, have formed a strategic partnership for investing in seniors housing. According to the companies, the partnership will allow Cadence to expand its portfolio of boutique senior living. Emerald will provide additional acquisition capital, working capital and expertise in increasing scale, due to the company’s experience in other real estate sectors. Emerald principal Josh Martin stated that Emerald “had been searching for a senior living operator with which to grow a platform in this sector.” The Cadence and Emerald partnership is seeking opportunities to acquire existing senior housing communities, develop new communities and leverage Cadence’s management team by operating senior living communities for third-party owners.
SCOTTSDALE AND TEMPE, ARIZ. — TA Realty has purchased a 266,607-square-foot industrial portfolio near Phoenix for $24.5 million. The portfolio is situated in Scottsdale and Tempe. The properties include four industrial/flex assets at 9160 S. McKemy St. and 9185 and 9245 S. Farmer Ave. in Tempe, and 7400 E. Tierra Buena Lane in Scottsdale. The portfolio is more than 96 percent leased to 12 tenants across industries like IT services, transportation, automotive and home improvement. JLL’s Capital Markets team represented the seller, The Hewson Company, in this transaction.
PHOENIX — Aquafil USA has leased a 116,890-square-foot industrial building in Phoenix. The facility is located at 3555 W. Washington St. It was built in 1991. The company is expanding into the market to increase its nylon fiber operations. Keith Clark and Dave Dixon of Commercial Properties Inc./CORFAC International represented the tenant, while JLL represented the landlord, Colony Northstar, in this transaction.
TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the River, a 129-unit assisted living, memory care and skilled nursing community in Tucson. Development costs were estimated at $21 million. Watermark will operate the community, which it developed in a joint venture with The Freshwater Group. The Weitz Company was the general contractor. The new community features a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property also houses a 1,600-square-foot stable to offer equine therapy to residents.
TEMPE, ARIZ. — Chicago-based CA Student Living has completed seven student housing communities comprising more than 3,600 beds. Located in six different states, the communities opened throughout August and, together, are 96 percent leased for the upcoming academic year. Recent deliveries include RISE on Apache, an 833-bed community located near Arizona State University in Tempe; Identity Reno, a 325-bed community located near the University of Nevada, Reno in Reno; and Uncommon Fort Collins, a 247-bed community located near Colorado State University in Fort Collins, among other communities. CA Student Living plans to complete another seven communities comprising 2,200 beds in 2018 and an additional eight properties with 4,100 beds in 2019.
CHANDLER, ARIZ. — IPT Acquisitions has purchased a 91,204-square-foot last-mile logistic center in Chandler for $10.7 million. The center is located at 550 E. Elliot Road. Amazon occupies the property. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, Globe Management Co., in this transaction.
PHOENIX — Mark Spitz, a New York-based multifamily owner and investor, has acquired the 96-unit Los Compadres Apartments in Phoenix for $4.5 million. The community is located at 3518 W. Dunlap Ave. Carrick Sears of SVN Desert Commercial Advisors represented the Canadian seller, Pat Stojak, in this transaction. The seller purchased the asset in 2013.
TEMPE, ARIZ. — Weidner Apartment Homes has purchased The Lofts at Rio Salado, a 466-unit multifamily community located at 1033 N. Parkside Drive in Tempe, for $75.5 million. The Kirkland, Wash.-based apartment investor acquired the asset from an unnamed wealth and asset management services firm. The Lofts at Rio Salado is situated adjacent to the Center Parkway/Washington Street metro station and the 3.2 million-square-foot, mixed-use Grand at Papago Park Center. Arizona State University is within walking distance and downtown Phoenix is within 10 miles radius of The Lofts. Community amenities include two swimming pools with cabanas, an onsite recycling program, business center, clubhouse, fitness center, spas and conference room. Units range from studio to three-bedroom floor plans and command rents from $999 to $1,460 per month, according to Apartments.com. The Lofts is considered a value-add investment for Weidner, according to Steve Gebing, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Gebing and colleague Cliff David represented the seller and procured Weidner in the transaction. “Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Gebing. “This rent differential, coupled …