TEMPE, ARIZ. – American Solar Electric has leased 18,800 square feet of industrial space in Tempe. The space is located at 1230 W. 23rd Street. The residential solar system and roofing services company consolidated offices into the property. The building features ground-floor and mezzanine office space, warehouse space and a fenced yard. American Solar was represented by Rod Beach of CRESA. The landlord, Bishop Family Trust Dated 1995, was represented by DTZ’s Kent Hanson.
TUCSON, ARIZ. – The Place at Tierra Rica, a 288-unit apartment complex in Tucson, has sold to Aspen Square for $14.3 million. The community is located at 3201 and 3225 West Ina Road. It was built in 1988. The seller was MC Companies. The sale was executed by Art and Clint Wadlund of Berkadia.
SCOTTSDALE, ARIZ. – A 63,763-square-foot office flex portfolio in Scottsdale has sold to Crown West Realty and Development for $10.5 million. The three-building complex is located at 9171 E. Bell Road, 9181 E. Bell Road and 16611 N. 91st Street, within the McDowell Mountain Business Park. Crown West represented itself in the sale. Michelle Gardner of Shell Commercial will continue to act as the property’s leasing agent. The seller was not named.
PHOENIX – Griffin Capital Corporation has purchased a 513,361-square-foot office building and data center complex in Phoenix for $91.5 million. The complex is located at 3151 and 3202 West Behrend Drive. The property is fully occupied by American Express Travel Related Services Company. The company is a subsidiary of American Express. American Realty Advisors was represented by CBRE’s Jim Fijan and Chad Freese.
GILBERT, ARIZ. – Val Vista Square, an 8,400-square-foot shopping center in Gilbert, has sold to Roebbelen Investors 1 LP for $3.6 million. The center is located at SWC Pecos Road and the Loop 202 Freeway, within the San Tan Mall trade area. The fully leased property is shadow anchored by WinCo Foods. Ed Beeh, Sean Thomas and Brian Polachek of SRS represented both the buyer and seller, Kornwasser Shopping Center Properties, in this transaction.
TUCSON, ARIZ. — MC Companies has received a $49.8 million loan to acquire FHR Portfolio, an eight-property multifamily portfolio in Tucson. The total sales price was $66.7 million. FHR Portfolio contains a total of 1,576 units throughout a range of studio, one- and two-bedroom floor plans. Some of the properties contain amenities like gyms, clubhouses, swimming pools and laundry facilities. Notable employers in the Tucson area include Davis-Monthan Air Force Base, University of Arizona and Raytheon. The seven-year, floating-rate loan features a 2.32 percent interest rate, two years interest-only, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The loan was originated by Clay Akiwenzie of Berkadia through the firm’s Freddie Mac Program. The seller was Family Housing Resources (FHR). The sale was executed by Berkadia’s Art and Clint Wadlund.
TEMPE, ARIZ. – ViaWest Group has sold Crossroads of Tempe, a 96,691-square-foot office complex, to Held Properties for $17.2 million. The property is located at 303 & 309 W. Elliot Road in Tempe. It is 96 percent occupied. Notable employers in the area include Go Daddy, AVNET, Qualcomm, Iridium Satellite, Intel, Motorola, Honeywell, Xerox, Microsoft, Bank of America, Wells Fargo, eBay/PayPal and AT&T. Held Properties was represented by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona, and by Mark Gustin, Karsten Petersen and Dave Seeger of Jones Lang LaSalle. ViaWest will continue to manage the property. The Jones Lang LaSalle team will serve as the leasing agents.
PHOENIX – The 96-unit Aura Apartments in Phoenix has sold to Capital Real Estate for $8.7 million. The community is located at 3623 N. 5th Ave. It was built in 1959 and 1962. The space underwent a $1.3 million renovation program to modernize, rebrand and reposition it. The seller was Pathfinder Partners.
CHANDLER, ARIZ. — A trio of FedEx Ground distribution centers has received $52 million in acquisition financing. The portfolio includes a 312,539-square-foot facility in Chandler, Ariz., a 254,353-square-foot facility in Spartanburg, S.C., and a 151,088-square-foot facility in Wichita Falls, Texas. The borrower was TIC – RI Pullman LLC, RI Cascade LLC, RI Elk Grove LLC (Rood TICs). The portfolio acquisition satisfied a 1031 exchange. The properties received $31.2 million, $12.2 million and $8.6 million, respectively. Financing was arranged by Todd B. Harding and Mick Stapleton of NBS Financial Services. It was provided by State Farm Insurance Company through the firm’s correspondent relationship. The loans featured 10-year terms with 30-year amortization schedules.
GLENDALE, ARIZ. – Dunbar Real Estate Investment Management has purchased Arrowhead Business Center, a 43,915-square-foot office campus in Glendale, for $7 million. The three-building campus is located at 7025, 7055 and 7075 West Bell Road. It was 88.9 percent occupied at closing. Dunbar purchased the asset through its investment advisor AEGON USA Realty Advisors LLC. The seller, Warranty of America, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.
