TEMPE, ARIZ. — A 128-room Holiday Inn Express Hotel & Suites in Tempe has sold for $11 million. The buyer and seller were not disclosed. The hotel is located at 1520 W. Baseline Road. It was built in 1997. The hotel sits six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport. Jon Grantham and James Meng of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer.
PHOENIX — Cushman & Wakefield has arranged the $8 million sale of Rancho Encanto, a 70,859-square-foot, grocery-anchored shopping center in Phoenix. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Weingarten Nostat Inc., in the transaction. Massco Investments LLC acquired the property, which was 75.3 percent leased at the time of sale to tenants including Smart & Final, UFC Gym/LA Boxing, Springleaf Financial, Tandy Leather, Little Caesar’s Pizza and Southwest Title.
GLENDALE, ARIZ. — Brixmor Property Group is set to open a new LA Fitness anchor and begin renovations at Glendale Galleria, a shopping center in Glendale. LA Fitness will occupy 36,894 square feet formerly occupied by Food City, and will open in the fourth quarter of 2016. Renovations at the center will include a contemporary façade, new signage and lighting, parking lot improvements and decorative landscaping.
PHOENIX — Triumph Properties Group is set to open a new Safeway location and start renovations on Moon Valley Shopping Center in Phoenix. Safeway recently signed a 20-year lease with Triumph Properties, and is investing several million dollars into the renovation and expansion of the entire store façade and interior of its new space. Ownership is also set to renovate the entire center, and to offer two new 5,000-square-foot pads for lease.
CHANDLER, ARIZ. — Evergreen Industrial Properties has purchased a 96,000-square-foot manufacturing facility in Chandler for an undisclosed sum. The facility is located at the nexus of the I-10 Maricopa and the Loop 202 San Tan freeways. It was built in 1978. Evergreen plans to reposition the building with a new spec office, lights in the warehouse and additional loading doors. Matt McDougall of Lee & Associates represented Evergreen. Jones Lang LaSalle represented the seller, Schneider-Chandler.
TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.
PHOENIX — Liv Biltmore LLC has purchased Willowick Square, a 53,417-square-foot office building in Phoenix, for $5.9 million. The Class B complex was built in 1974. The seller was Presson Advisory LLC. Brad and Cindy Cooke of Colliers International executed the transaction.
PHOENIX — Granite Investment Group has purchased a 104,016-square-foot office tower in Phoenix for $9.8 million. The 14-story property is located at 2828 N. Central Ave. It recently underwent a renovation. The building is currently 53 percent occupied. DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Mark Stratz and Scott Baumgarten represented the seller, Ironline.
CHANDLER, ARIZ. — Real estate deveoper Irgens has broken ground on the first phase of the Ascend at Chandler Airport Center Corporate Campus. Phase I will include an 81,712-square-foot, single-story building. The four-phase project will eventually contain 400,000 square feet. Phase I is scheduled for completion this January. The Ascend campus is situated at the northwest corner of Germann and Cooper roads in Chandler. Balmer Architectural Group is designing the project, which Chasse Building Team will construct. Cushman & Wakefield is serving as the leasing agent.
PHOENIX — An unnamed buyer has purchased the 74-unit Cabana on Seventh apartment community in Phoenix for $5 million. The community is located at 5615 North 7th St. It was built in 1972. Steve Gebing of Institutional Property Advisors and Cliff David and Trevor Hardy of Marcus & Millichap represented both the buyer and seller in this transaction.
