TUCSON, ARIZ. — A limited liability company has purchased the 236-unit 3 At West Ajo apartment building in Tucson for $7 million. The community is located at 1240, 1310 and 1502 West Ajo Way. Peter Flis of Marcus & Millichap represented the LLC. The firm’s Hamid Panahi, Cliff David, Steve Gebing and James Crawley represented the seller, another LLC.
TUCSON, ARIZ. — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged $25.4 million in financing for the development of Sage Tucson, an assisted living and memory care project in the Casas Adobes submarket of Tucson. The deal was capitalized with a $17 million construction loan arranged through Dekel’s advisory practice and $8.4 million joint-venture equity funded by the firm’s proprietary equity fund, Dekel Strategic Investors (DSI). The property will include 86 assisted living units and 20 memory care units in a two-story structure located on 9.6 acres. Construction began in late 2016 for completion in early 2018. This is the third investment Dekel has made with the borrower, Willis Development.
PHOENIX — Manna Distribution Services has leased 37,000 square feet of industrial space at Phoenix Star Commerce Park in Phoenix. The space is located at 2110 S. 7th Ave. The national delivery company’s Phoenix location will join other U.S. outposts, including Portland, Ore., Los Angeles, Chicago, New Orleans and St. Louis, Mo. Keri Davies and Jon Rosenberg of Levrose Commercial Real Estate and Paramount represented the tenant, while Lee & Associates represented the landlord.
SCOTTSDALE, ARIZ. — Regency Centers L.P. has sold Pima Crossing, a 283,275-square-foot shopping center located in Scottsdale, for $46.2 million. An entity formed by Los Angeles-based Karlin Real Estate bought the property. PGA Superstore anchors the center, which is also home to Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Co. and Discount Patio. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.
FLAGSTAFF, ARIZ. — Cypress Equities has acquired Flagstaff Mall, a 388,000-square-foot enclosed regional mall located in Flagstaff for an undisclosed price. JCPenney, Dillard’s and Sears anchor the mall, which is also home to tenants including Bath & Body Works, GameStop, GNC, Victoria’s Secret and Foot Locker. The center was originally developed in 1979, and underwent renovations in 2007. Cypress is currently looking to sell or lease up three undeveloped outparcel pads totaling 18,000 square feet. The company is also considering the redevelopment of inline retail space.
TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.
GOODYEAR, ARIZ. — REI’s distribution center in Goodyear, Ariz., has achieved LEED (Leadership in Energy and Environmental Design) Platinum certification — the highest level in the U.S. Green Building Council’s (USGBC) green building rating system — making it the first distribution center in the U.S. to achieve both LEED Platinum certification and Net Zero Energy. The facility is the first distribution center to earn Platinum certification in 2016 and, at 400,000 square feet, is the second largest Platinum-certified distribution or warehouse facility in the U.S. REI achieved LEED Platinum certification by implementing sustainable strategies and solutions throughout the building, including a 2.2 megawatt solar energy system, water conservation and restoration systems, eco-friendly building features and a recycling program that reuses 93 percent of the center’s waste. Butler Design Group, Rocky Mountain Institute, Merit Partners Inc., The Renaissance Companies, DMW&H, KNAPP, CBRE and EDF Climate Corps. helped achieve the certification. REI is a specialty outdoor retailer headquartered near Seattle with 149 stores in 36 states.
SCOTTSDALE, ARIZ. — MG Properties has acquired the 330-unit Broadstone Scottsdale Horizon apartment community for $51 million. The community is located at 9259 E. Raintree Drive in Scottsdale. Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Broadstone Scottsdale Horizon was built in 1986. JLL’s John Cunningham and Charles Steele represented the seller, a joint venture between Rockwood Capital and Alliance Residential Co.
SCOTTSDALE, ARIZ. — Clear Sky Capital EBH LLC has acquired the 164-unit Tatum Place apartment community in Scottsdale for $18 million. The community is located at 16801 N. 49th St. Tatum Place was built in 1984. Amenities include two swimming pools, sun decks, a spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. David Fogler and Steven Nicoluzakis represented the seller, NNC Tatum Place, in this transaction.
GILBERT, ARIZ. — A joint venture between Trammell Crow Co. and Artis REIT has announced the development of the third phase of Park Lucero, a 146,832-square-foot industrial building in Gilbert. The facility will be located at 280 E. Germann Road. The build-to-suit project is fully leased by Silent-Aire USA manufacturing company. This is the third of four phases at Park Lucero. Phase II, a 131,796-square-foot general industrial building, is currently under construction and scheduled for completion in January 2017. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. Park Lucero is planned as a Class A industrial park with a combination of buildings situated on 48 acres at the northwest corner of Mustang Drive and Germann Road. Western Alliance Bank is the project lender. Butler Design Group serves as lead architect and D.L. Withers Construction serves as general contractor. Rusty Kennedy of CBRE Phoenix represented Silent-Aire in the lease transaction. JLL’s Pat Harlan and Steve Larsen represented the landlord and handle the leasing and marketing for Park Lucero.