TEMPE, ARIZ. — Carter Validus Mission Critical REIT II has purchased the 44,244-square-foot Tempe Data Center for $16.2 million. The facility is situated near Phoenix Sky Harbor International Airport, downtown Phoenix and downtown Tempe. The facility has been fully leased to a national provider of wireless voice, messaging and data services since 1997. It underwent remodeling in 1983, 2008 and 2011. The center features 15,000 square feet of white space, 8,711 square feet of office space and 20,533 square feet of warehouse space, including a 4,355-square-foot mezzanine level. CBRE’S Luke Denmon and Mindy Korth and Kirk Kuller of Colliers International represented the seller, El Dorado Holdings, in this transaction.
SURPRISE AND GLENDALE, ARIZ. — Canada-based Triumph Real Estate Investment Fund has acquired two shopping centers in metro Phoenix for $7 million. Acquisitions include the $4 million purchase of Triumph Bell West Ranch, a 20,225-square foot-shopping center located in Surprise; and the $3 million purchase of Triumph Glendale Crossing, a 10,595-square-foot retail center located in Glendale. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide represented the buyer in the acquisition of Triumph Bell West Ranch from PWREO Bell & 303 LLC, and Triumph Glendale Crossing from Lawrence and Geyser. Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle leasing, and MODE Commercial Property Management has been selected to manage the properties.
SURPRISE, ARIZ. — Koelsch Communities has started construction of The Park at Surprise, a 155-unit independent living community in the Phoenix suburb of Surprise. The 202,000-square-foot project is being built on an 8.5-acre plot. Development costs are estimated at $46 million. The Park at Surprise will be the fourth Koelsch community in Arizona, and is scheduled to open in summer 2018. Madrona Point Development is partnering with RJ Development, both based in the city of Olympia, Wash., to develop the project. Koelsch Construction will serve as general contractor. Koelsch Communities operates 22 communities in seven states and is planning to open 16 communities in the next two years.
PHOENIX — Jevan Capital has purchased a 260-unit apartment community in Phoenix for $11.3 million. The community is situated on 7.8 acres along 27th Avenue near the I-17 Black Canyon Freeway. It is known as Desert Place Apartments. The seller was IPA Phoenix-Foxwood. Bob Farrell of Orion executed the transaction.
PHOENIX — Thorofare Capital has provided a $19 million, fixed-rate bridge loan to an affiliate of ArciTerra Cos. LLC. The funds will be used to refinance debt on MorningStar at Arcadia, a 135-bed assisted living community in Phoenix. Located on a 1.1-acre site, the community features 80 assisted living units and 30 memory care units in a four-story, 139,643-square-foot building. MorningStar Senior Living operates the property, which opened in 2014. The funds will retire the construction loan on the community and result in more equity for the ownership, a Phoenix-based real estate investment and development company. The term is two years of interest-only payments. Thorofare Capital is a Los Angeles-based investment manager specializing in senior mortgage debt for middle-market commercial real estate assets.
TUCSON, ARIZ. — Cushman & Wakefield has arranged the $4.2 million sale of a 3,616-square-foot Raising Cane’s restaurant in Tucson. The single-tenant property is occupied under a 20-year, triple-net lease to Micatrotto Holdings DBA Raising Cane’s. Micatrotto Restaurant Group backs the lease. Chris Hollenbeck of Cushman & Wakefield represented the seller, Phoenix-based Eisenberg Co. Chris Rodriguez of Pacific Northwest represented the buyer, Leal 2002 Family Trust.
CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.
MESA, ARIZ. — Walker & Dunlop has originated $47.2 million in HUD financing for construction of the 325-unit Aviva apartment complex in Mesa. The affordable housing community is located at 8350 E. Baseline Road. Aviva will contain one- to three-bedroom units. Construction recently commenced with a scheduled opening in the third quarter of 2018. The total development cost is $63 million.
TEMPE, ARIZ. — A joint venture between EdR and Opus Development Co. LLC has broken ground on a $164.9 million development adjacent to the Arizona State University campus in Tempe. The 407-unit student housing community will offer community amenities including a 24-hour fitness center, yoga studio, grilling area, dog park, club rooms, bike storage, terrace deck cabanas and 31,000 square feet of retail. EdR will own a 90 percent stake in the community, and will manage it upon completion in summer 2018.
PHOENIX — Meritex Enterprises has acquired Park Ladera at Spectrum Ridge, a three-building industrial campus in Phoenix, for $26.4 million. The campus is located at 750, 800 and 850 Covey Lane. It was built in 2015. CBRE’s Barry Gabel, Chris Marchildon, Darla Longo, Barbara Emmons Perrier, Brett Hartzell and Michael Kendall represented the sellers, Real Estate Investors and Trammell Crow Co. The firm’s Bruce Francis, Val Achtemeier and Doug Seylar arranged financing for both the buyer and seller.