TOLLESON, ARIZ. — The Siegel Group Nevada has purchased a 442-unit Legacy Suites hotel in Tolleson for $16.6 million. The hotel was built in 2010. It will be renamed Siegel Suite Tolleson, This is the third Legacy Suites location the Siegel Group has acquired in the past 14 months. The other properties are located in Phoenix and Casa Grande.
TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.
BUCKEYE, ARIZ. — Cardinal IG Cos. has purchased 77 acres of land in Buckeye, where it plans to develop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned subsidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulating glass for residential window and door companies across the globe. The site is part of 152 acres controlled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL’s Anthony Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also marketing the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site.
SCOTTSDALE, ARIZ. — MainSpring Capital Group has announced plans to develop Mainspring Flex Phase III at Pima Center. This phase will contain 150,660 square feet of spec light industrial space for warehouse, assembly and distribution uses. Flex Phase III construction will commence during the fourth quarter of this year. Completion is scheduled for mid-year 2017. The speculative development includes two buildings. The existing buildings at Pima Center are 98 percent leased. Pima Center is a 232-acre, mixed-use business park within the Salt River Pima Indian community. The park contains a variety of commercial properties ranging from the Honor Health Rehab Hospital and Rancho Solano Private 6-12 School to multi-story Class A office space, garden office and assembly/distribution/flex facilities. The business park contains more than 1 million square feet of office space and about 430,000 square feet of light industrial/flex facilities.
GOODYEAR, ARIZ. — Hines has purchased Goodyear Crossing II, an 820,384-square-foot fulfillment center in Goodyear, for $56.2 million. The center is situated near the I-10 Freeway and Loop 101. It also features 15,000 square feet of office space. JLL’s Bo Mills and Mark Detmer represented the seller, Gramercy Property Trust, in this transaction.
TEMPE, ARIZ. — A partnership formed by Angelo, Gordon & Co, Douglas Allred Company and David Warren has purchased a two-building office complex in Tempe for $29.3 million. The complex is located at 1330 W. Southern Ave. and 3001 S. Priest Drive and contains a total of 250,000 square feet. The buildings are located near Interstate 10 and U.S. 60 freeways, a short drive from Phoenix Sky Harbor International Airport. The latter building is fully leased and was built in 1995. The seller was Cordia Capital Management.
CAREFREE, ARIZ. — ORION Investment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center located in Carefree. The property was 26 percent occupied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commercial Advisors represented the seller, Spanish Village Holdings LLC.
CHANDLER, ARIZ. — Passco Cos. has acquired the 389-unit Almeria at Ocotillo apartment community in Chandler for $80 million. The community is located at 2470 and 2471 W. Edgewater Way within the Ocotillo master-planned community. Almeria is walking distance to three of the largest employers in an area known as Silicon Desert. These include Intel, Orbital ATK and Wells Fargo, which is planning to expand within the area. The bank will soon occupy an additional two 13-story office towers that may eventually bring more than 13,000 employees to the area. CBRE’S Sean Cunningham represented both Passco and the seller, PB Bell, in this transaction.
FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.
MESA, ARIZ. — SVN | Desert Commercial Advisors has arranged the $7 million sale of Village Grove Plaza, an 82,373-square-foot shopping center located in Mesa. Beau Flahart, Rommie Mojahed and Mary Nollenberger of SVN represented the buyer, Zach Bonsall with Cole Valley Partners LLC, in the transaction.