Arizona

Stoneweg Buys 300-Unit Apartment Complex in Tucson for $20.5M

by Nellie Day February 2, 2018

TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard. River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.

February 2, 2018

Arizona Office Western

McCarthy Cook, Morgan Stanley Sell 485,687 SF Office Tower in Phoenix for $80.7M

by Nellie Day February 1, 2018

PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.

February 1, 2018

Arizona Multifamily Western

HQ Capital Real Estate Sells 248-Unit Apartment Complex in Phoenix

by Nellie Day January 31, 2018

PHOENIX — HQ Capital Real Estate has sold the 248-unit Crestone at Shadow Mountain apartments in Phoenix for an undisclosed sum. The community is located at 3033 E. Thunderbird Road in the Paradise Valley submarket. A group of institutional investors purchased the asset. The group plans to renovate the building’s common areas and unit interiors. CBRE represented HQ Capital Real Estate in this transaction.

January 31, 2018

Arizona Retail Western

Triumph Real Estate to Acquire Retail Center in Arizona for $7.2M

by Nellie Day January 31, 2018

SCOTTSDALE, ARIZ. — Triumph Real Estate Investment Fund has agreed to acquire Bell Park Plaza, a 33,480-square-foot retail center in Scottsdale, for $7.2 million. The Canadian company will acquire the asset from Hanley Properties V LLC. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide arranged the deal on behalf of the buyer. Bell Park Plaza is 93 percent leased to tenants including Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle the property’s leasing, and MODE Commercial Property Management will manage the center. Triumph Real Estate will close on the acquisition at the end of February.

January 31, 2018

Arizona Industrial Western

Footprint Relocates Corporate Headquarters to Park Lucero in Gilbert

by Nellie Day January 31, 2018

GILBERT, ARIZ. — Footprint LLC has relocated its corporate headquarters to Park Lucero Phase II, a 131,796-square-foot, speculative industrial building in Gilbert. The building is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border. Park Lucero is a four-phase, Class A industrial park featuring a combination of buildings with dock-high, truck well and grade-level loading, 24- to 30-foot ceiling clear heights and an overall 2.1:1,000 parking ratio. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. Phase II is situated adjacent to Phase I, which was completed in 2015, and Phase III, completed this past summer. Phase II fronts the Santan Freeway (Loop 202), providing significant freeway visibility. Paul Gallo of First US Advisors represented Footprint, a sustainable technology firm. JLL’s Pat Harlan and Steve Sayre represented the landlords, Trammell Crow Co. and Artis REIT, in this transaction. Western Alliance Bank served as the lender.

January 31, 2018

Arizona Multifamily Western

Knightvest Capital Purchases 768-Unit Apartment Complex in Phoenix for $110M

by Nellie Day January 30, 2018

PHOENIX — Knightvest Capital has acquired the 768-unit Red Mountain Villas in Phoenix for $110 million. The community is located at 815 N. 52nd St. Red Mountain Villas was built on nearly 30 acres in three phases between 1987 and 1996. Community amenities include a koi pond, six resort-inspired swimming pools and access to the Papago Golf Course. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, Weidner Apartment Homes, in this transaction.

January 30, 2018

Arizona Multifamily Seniors Housing Western

Western States Lodging Breaks Ground on 216-Unit Assisted Living Community Near Phoenix

by Nellie Day January 29, 2018

SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.

January 29, 2018

Arizona Loans Multifamily Seniors Housing Western

Cain Brothers Issues $252M Bond Financing for CCRC on Arizona State Campus

by Nellie Day January 25, 2018

TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land equity and local real estate expertise and will partner with PRS in Mirabella’s governance and marketing. The ASU affiliation will allow residents access to the university’s academic, sporting and cultural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS’ luxury, urban, high-rise CCRC concept. PRS is the developer and contributed funds for start-up capital and financial support. Both parties provided further support through the purchase of subordinated debt. PRS will operate the community. A development timeline was not released.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Arranges $19M Refinancing, $5M Line of Credit for CCRC in Arizona

by Nellie Day January 25, 2018

SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.

January 25, 2018

Arizona Loans Multifamily Western

KeyBank Provides $31.2M in Financing for 354-Unit Apartment Community in Arizona

by Nellie Day January 24, 2018

NEW RIVER, ARIZ. — KeyBank Real Estate Capital has provided $31.2 million in Fannie Mae financing for the 354-unit Bela Rosa Apartment Homes in New River, northeast of Peoria. The Class A community is located at 3825 W. Anthem Way in the master-planned community of Anthem. Bela Rosa was built in 2007. It contains 37 townhome-style apartment buildings. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the financing with a 10-year term and 30-year amortization schedule. The first-mortgage loan was used to refinance existing debt.

January 24, 2018

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