TEMPE, ARIZ. — University House Communities has opened the second phase of University House, a 16-story, 148,680-square-foot building with 242 beds and two-, three- and four-bedroom options near Arizona State University’s campus. Designed by Dallas-based architecture firm BOKA Powell to complement the existing adjacent first phase, University House amenities include a resort-style pool and hot tub, a scoreboard-sized LED outdoor TV screen, a clubroom with gaming systems, a yoga and steam room, fitness center, outdoor grilling stations as well as indoor/outdoor study areas and conference rooms. Apartments range from 716 to 1,289 square feet, with fully equipped kitchens. Each unit has floor-to-ceiling windows that provide views of the Sun Devil Stadium across the street. Units are available to students for nine- and 12-month leases. Sixthriver Architects completed the interior design for the new tower. Materials and furnishings include mirrored tile, natural wood planks and exposed concrete.
Arizona
GLENDALE AND TEMPE, ARIZ. — Lee & Associates has arranged the sale of two Arizona shopping centers for a combined $16.4 million. Properties include 51st & Olive Square, an 88,225-square-foot shopping center located in Glendale; and Playa Del Norte, an 11,499-square-foot shopping center located in Tempe. Patrick Dempsey and Jan Fincham of Lee & Associates worked on behalf of both the buyer, 51st & Olive Station LLC, and the undisclosed seller in the 51st & Olive Square transaction. Dempsey, Fincham, Chris McClurg and Matt Frederick of Lee & Associates co-listed and secured the buyer, Crow Holdings Capital Real Estate, in the Playa Del Norte transaction.
PHOENIX — Phoenix-based VEREIT Inc. has sold a $204 million pool of Red Lobster properties to San Francisco-based Golden Gate Capital. Additionally, the two companies have entered into a strategic partnership where VEREIT will opportunistically divest an additional $400 million of properties by executing single- or multi-unit dispositions at accretive valuations. The Red Lobster restaurants that are part of this transaction will continue to operate without change or disruption.
TEMPE, ARIZ. — American Campus Communities has broken ground on its sixth student housing facility at Arizona State University in Tempe, a $120 million live-learn facility. Upon its opening in fall 2017, the facility will house 1,594 students enrolled in the Fulton Schools of Engineering. The property will feature E-Space, a 3,500-square-foot lab outfitted with resources that cater to the needs of Fulton Schools students. The dining facility also has been designed with Fulton Schools of Engineering students in mind. The facility is approximately 14,000 square feet, includes seating for 500 students, and features four food stations and a mixture of seating types, including counter seating, booth seating and tables. A tech lounge is located on the mezzanine level along with individual seating pods with views of the landscape and main level. The new residence hall will be located in the heart of campus on East University Drive, providing residents with the option to walk or bike to class. The property features amenities such as social and recreation lounges, an Academic Success Center, a cardio fitness room and several academic study spaces.
LITCHFIELD PARK, ARIZ. — Cushman & Wakefield has arranged the $14.5 million sale of Camelback Crossing, a 94,156-square-foot, Bashas’-anchored shopping center in the Phoenix suburb of Litchfield Park. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Nevada Holding Co. L.P., in the transaction. Madison Plaza 1 LLC, an entity formed by a California investor, purchased the 93.3 percent occupied center.
SCOTTSDALE, ARIZ. – A 17,711-square-foot facility in Scottsdale that houses the Arizona School of Real Estate & Business has sold to Arc Construction and MacDonald Development for $7.7 million. The school is located at 7142 E. 1st Street in the downtown region. The sale also includes an adjacent parking lot on 40,623 square feet of land. Bill Gray, the school’s original founder, was represented by Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate.
PHOENIX – The Better Business Bureau (BBB) has purchased the McMurry Buildings in Phoenix for $4.3 million. The center is located at 1002-1010 E. Missouri Ave. It includes two office buildings with a total of 25,918 square feet. The space was previously occupied by McMurry/TMG, an online marketing, advertising and print publishing company. BBB was represented by Kevin Lange of Keyser. The seller, McMurry Properties, was represented by Bill Blake and Colton Trauter of Lee & Associates.
SCOTTSDALE, ARIZ. — A joint venture between Security Properties and Intercontinental Real Estate has acquired the 539-unit Pillar at Scottsdale apartment community for $95.8M. The property is located at 17212 North Scottsdale Road in Scottsdale. The community was built in 1999. It is situated across from TPC Scottsdale, home of the PGA’s Waste Management Phoenix Open, as well as from the Fairmount Princess Resort. Pillar at Scottsdale was 96 percent occupied at the time of sale. The seller was Private Portfolio Group. The transaction was executed by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
TUCSON, ARIZ. — A private investor from Texas has purchased the 267-room Hotel Tucson City Center Inn Suites in Tucson for $9.6 million. The hotel is located at 475 North Granada Ave. in the city’s historic downtown Presidio Arts District. Lisa Estrada of Marcus & Millichap represented the buyer. James I. Meng and Jon R. Grantham of the same firm represented the seller, a publicly traded REIT.
PHOENIX — LKQ Corp. has leased 46,054 square feet of additional space at Canal Crossing Logistics Center. The building is located at 5670 S. 32nd St. The company now occupies the entire 155,114-square-foot building. LKQ Corp. is an international provider of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks and recreational and performance vehicles. CBRE’s Mike Parker and Evan Koplan and Jacob Bobek of Avison Young represented LKQ. Jeff Conrad and Allen Lowe, principals with Lee & Associates represented the landlord, Bixby Land Co.